PTTEP to buy 25% stake in block onshore Sharjah
Thai energy company PTTEP will buy a 25% stake in a concession onshore the emirate of Sharjah, it said on December 3.
PTTEP has signed an agreement to acquire the 25% stake in the Concession Area C from Italy’s Eni. The deal will reduce Eni's interest to 50%, while the remaining 25% will stay with Sharjah National Oil Corp.
Area C is situated in the central part of Sharjah emirate, covering an area of approximately 1,184 km2. Eni was awarded this exploration block in early 2019.
“The block has high gas and condensate potential with the possibility of integrating with surrounding fields which previously made successful discovery of large gas and condensate resources and are equipped with infrastructure and facilities as well as market demands for petroleum output,” PTTEP said.
A 3D seismic survey will take place between late 2021 and 2022 to assess the block's hydrocarbon potential, PTTEP said.
At present, PTTEP invests in three projects in the UAE in partnership with Eni: the Abu Dhabi Offshore 1 project, the Abu Dhabi Offshore 2 project, and the Abu Dhabi Offshore 3 project which are all in the exploration phase.