Italy's Eni signs oil exploration deal in Sharjah

Sharjah's ruler has signed a long-term agreement awarding Italian firm Eni concessions to explore and develop onshore oil and gas fields
Italy's Eni signs oil exploration deal in Sharjah
Eni has won concessions to explore and develop onshore oil and gas fields in a 30-year partnership with the Sharjah National Oil Corporation.
By Sam Bridge
Fri 18 Jan 2019 01:26 AM

Sharjah's ruler has signed a long-term agreement awarding Italian firm Eni concessions to explore and develop onshore oil and gas fields in a 30-year partnership with the Sharjah National Oil Corporation (SNOC).

Sheikh Dr Sultan bin Mohamed Al Qasimi received in his office Claudio Descalzi, CEO of Eni, Italy’s largest energy company as part of the signing ceremony.

They also discussed a number of energy, oil and natural gas-related issues, as well as future projects aimed at ensuring the sustainability of energy.

Sheikh Ahmed bin Sultan Al Qasimi, deputy ruler of Sharjah and chairman of Sharjah Petroleum Council, said: "The Sharjah Licence round has delivered long-term value to the Government and people of Sharjah. I congratulate both ENI and SNOC and wish them much future success together."

Sheikh Sultan bin Ahmed Al Qasimi, deputy chairman of the Sharjah Petroleum Council and chairman of SNOC, said: "We are very pleased the licence round was successful in securing an experienced partner to assist with our exploration activities, and we look forward to the benefits for Sharjah in the coming months and years.”

The three Concession Areas were on offer to international bidders in partnership with SNOC, and the results gave Eni the role of operator in areas A and C, while SNOC retained the role of operator in Area B. The concession agreements cover the exploration, appraisal and development of oil and gas resources in the areas.

“We are delighted to welcome Eni as our partner in Sharjah. Eni has an excellent track record in both exploration and development and brings both technical expertise and the ability to move ahead with activities at a fast pace,” said Hatem Al Mosa, CEO of SNOC.

This award follows completion of the first onshore licence round conducted by SNOC on behalf of the Sharjah Petroleum Council.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.