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Eni Signs MoU for Petroleum Exploration in Block 1 Offshore Bahrain

Source: www.gulfoilandgas.com 1/13/2019, Location: Middle East

A Memorandum of Understanding (MoU) has been signed between the National Oil and Gas Authority of the Kingdom of Bahrain (NOGA) and Eni with the aim to pursue petroleum exploration of Block 1, an offshore area of over 2,800 sq km still largely unexplored, located in the northern territorial waters of the Kingdom of Bahrain with water depth ranging from 10m up to 70m.

The signing took place by H.E. Sh. Mohamed Bin Khalifa Al Khalifa, Minister of Oil of Bahrain and Chairman of the board of directors in NOGA, and Claudio Descalzi, Chief Executive Officer of Eni.

H.E. Sh. Mohamed Bin Khalifa Al Khalifa said: 'This strategic partnership with Eni is a major step towards utilizing the Kingdom’s offshore natural resources. 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'.

Claudio Descalzi said: 'We are delighted with the signing of this agreement and the opportunity to explore the potential of Block 1. This MoU and the exploration in Block 1 will allow Eni to start cooperating and investing in a country that was one of the first in the Gulf to produce oil and which now aims at unveiling its offshore potential.

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 across basins with liquid hydrocarbon potential while keeping high quality stakes throughout the exploration phase'.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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