Eni was awarded onshore exploration concessions for areas A, B & C in Sharjah, UAE. 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 areas A and C cover respectively an area of 437 sqkm and 1,184 sqkm. Eni will act as the operator with 75% participating interest, with SNOC as a partner with a 25% stake. Concession area B covers an area of 264 sqkm. SNOC will act as the operator with a 50% participating interest, with Eni holding the remaining 50% stake.
"These agreements mark for Eni another major step towards an organic growth in the UAE," said Eni CEO Claudio Descalzi. "Today's awards are a further confirmation of our willingness to root our presence in the Middle East by creating long-term strategic partnerships."
In the past year, Eni has expanded its presence in the region, beginning exploration activities in the Sultanate of Oman, and signing major offshore concession agreements with Abu Dhabi National Oil Company (ADNOC). Most recently, Eni acquired a 70% stake in Abu Dhabi's Offshore Block 1 and Offshore Block 2 exploration areas for a duration of 35 years, leading a consortium including Thailand’s PTT Exploration and Production Company Limited (PTTEP) with the remaining 30% stake.