During the 2018 exploration bid round ceremony, Eni was awarded areas A, B & C onshore Exploration Concession Agreements from UAE’s Sharjah National Oil Corporation (SNOC), Eni announced on January 13.
Sultan bin Muhammad Al Qasimi, the sovereign ruler of the Emirate of Sharjah, and Eni’s CEO, Claudio Descalzi attended the ceremony.
Eni will participate by 75% interest while SNOC will be holding the remaining 25% interest in concession areas A and C. Meanwhile concession area B will be held by Eni and SNOC equally.
“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,” Descalzi commented.
The agreements resulted from the first International Competitive Exploration Licensing Round launched by SNOC in 2018 to explore and develop new hydrocarbon resources through new partners.
Concession areas A and C cover respectively an area of 437 km2 and 1,184 km2 while concession area B covers an area of 264 km2.