Bahrain’s National Oil and Gas Authority (NOGA) signed an exploration and production (E&P) memorandum of understanding (MoU) with Italy’s giant Eni for exploring Block 1 in Bahrain, Eni announced on January 13.
The MoU was signed by Mohamed Al Khalifa, Minister of Oil in Bahrain and Chairman of the board of directors in NOGA, and Claudio Descalzi, CEO of Eni.
“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,” Al Khalifa said.
“Entering in 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,” Descalzi commented.
Block 1 is an unexplored offshore area of 2,800 km2, with a depth ranging from 10 meters (m) to 70m. The block is located in the northern territorial waters of Bahrain.