Eni, Bahrain Ink MoU
Italy’s Eni and Bahrain’s National Oil and Gas Authority (NOGA) have signed a memorandum of understanding to pursue petroleum exploration of offshore Block 1, Eni said January 13.
The MoU was signed by Mohamed Bin Khalifa Al Khalifa, minister of oil of Bahrain and chairman of the board of directors in NOGA, and Claudio Descalzi, CEO of Eni.
“This strategic partnership with Eni is a major step towards utilising the kingdom’s offshore natural resources. With this signing, we aim to hold various discussions to review all relevant aspects of the technical and commercial terms of the potential exploration and development within a reduced timeframe,” Bin Khalifa Al Khalifa said.
Block 1, an offshore area of over 2,800 km2 still largely unexplored, is located in the northern territorial waters of Bahrain with water depth ranging from 10 metres up to 70 metres.
Descalzi said: “We are delighted with the signing of this agreement and the opportunity to explore the potential of Block 1. This MoU and the exploration in Block 1 will allow Eni to start co-operating and investing in a country that was one of the first in the Gulf to produce oil and which now aims at unveiling its offshore potential. Entering Bahrain will enable our company to expand its presence in a key region of the Middle East, in line with our strategy aimed at diversifying our exploration portfolio across basins with liquid hydrocarbon potential while keeping high quality stakes throughout the exploration phase."