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    Eni Bags Three Sharjah Onshore Concessions

Summary

The blocks have been awarded under Sharjah's first International Competitive Exploration Licensing Round.

by: Shardul Sharma

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Eni Bags Three Sharjah Onshore Concessions

Italian oil and gas producer Eni has been awarded three exploration blocks onshore Sharjah, it said January 13, in a Middle East hat-trick.

The award of Areas A, B & C is the result of the first International Competitive Exploration Licensing Round launched by Sharjah National Oil Corporation (SNOC) in 2018 to explore and develop new hydrocarbon resources.

“These agreements mark for Eni another major step towards an organic growth in the UAE. Today's awards are a further confirmation of our willingness to root our presence in the Middle East by creating long-term strategic partnerships,” Eni CEO, Claudio Descalzi, said.

Concession Area A and C cover respectively an area of 437 km2 and 1,184 km2. Eni will act as operator with 75% participating interest with SNOC as partner with a 25% stake. Concession Area B covers an area of 264 km2. SNOC will act as pperator with 50% participating interest with Eni holding 50% of stake.

The Sharjah award joins Eni's January successes in Abu DhabiBahrain and Oman, which it also announced over or after the weekend.