It’s a new era for the Abu Dhabi upstream. The 700,000 b/d offshore Adma concession has expired and been broken into three. BP is absent from the offshore for the first time in 60 years as Italy’s Eni enters the scene.

Eni has signed up to the two largest concessions that have been carved out of Abu Dhabi’s Adma offshore concession, which expired on 8 March. The Italian firm paid a combined $875mn on 11 March for a 10% stake in the 310,000 b/d Umm Shaif & Nasr...