PTTEP acquires 25% stake in Sharjah Onshore Area A from Eni
Thai state-owned energy company PTTEP has acquired a 25% participating interest in the Sharjah Onshore Area A from Eni, it said on October 26. The investment is PTTEP’s fifth project in the UAE.
The deal, signed between PTTEP MENA and Eni Sharjah, is expected to be completed before the end of 2022.
“The investment reflects our strategic emphasis on natural gas resources and the growing partnership with Eni through which our strengths are combined to unlock new reserves,” said PTTEP’s CEO Montri Rawanchaikul.
Situated in the Sharjah Emirate, north of the UAE, the area spans over an area of approximately 437 km2. Eni has been awarded this exploration block from Sharjah National Oil Corporation (SNOC) in early 2019. Upon the completion of the acquisition, the participating interest of Sharjah Onshore Area A will comprise Eni Sharjah (Operator) 50%, SNOC 25% and PTTEP MENA 25%.
Apart from the Sharjah Onshore Area A, PTTEP has investments in four other projects in the UAE namely the Abu Dhabi Offshore 1, the Abu Dhabi Offshore 2, and the Abu Dhabi Offshore 3, and the Sharjah Onshore Area C. All are in the exploration phase and in partnership with Eni.
PTTEP and Eni recently announced a successful discovery of significant gas resources in the Abu Dhabi Offshore 2 in August this year.