SHARJAH: His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, the sovereign ruler of the Emirate of Sharjah, and Eni’s Chief Executive Officer, Claudio Descalzi, attended yesterday the 2018 Exploration Bid Round ceremony that saw Eni being awarded Areas A, B & C onshore Exploration Concession Agreements.
These agreements are 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 through the establishment of new partnerships.
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 Operator with 50% participating interest with Eni holding 50% of stake.
Eni’s CEO, Claudio Descalzi, said: “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 presence in the Middle East has grown significantly in the last year, with the beginning of the exploration activities in the Sultanate of Oman and the signature of major offshore Concession Agreements with Abu Dhabi National Oil Company (ADNOC). In the Middle East, Eni is also present in Lebanon and Iraq. News Des