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.
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“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 Dhabi, Bahrain and Oman, which it also announced over or after the weekend.