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Eni Signs Exploration & Production Sharing Agreement for Block 47

Source: www.gulfoilandgas.com 1/14/2019, Location: Middle East

Eni and the state company Oman Oil Company Exploration and Production (OOCEP) have entered into an Exploration and Production Sharing Agreement (EPSA) for Block 47 with the Government of the Sultanate of Oman today.

Block 47 is located onshore in the Omani A’Dakhiliyah Governorate and covers an approximate area of 8,524 sqkm. The Block was awarded to Eni and OOCEP following their joint bid as part of the 2017 Oman Licensing Round. Pursuant the EPSA, Eni is the Operator of block and with a 90% participating interest and OOCEP holds the remaining 10% participating interest. Exploration operations are expected to commence in 2019.

In addition, Eni has signed with the Ministry of Oil & Gas and with BP a Head of Agreement (HoA) that sets up the principles for the acquisition of the Exploration and Production rights of Block 77 onshore, with an acreage of 3.100 sqkm, 30 km east of the BP-operated Khazzan Field.

Under the Agreement, Eni and BP hold 50% each with Eni acting as operator during the exploration phase.

Following the signature of the HoA, the Exploration and Production Sharing Agreement (EPSA) will follow shortly.

The signature of Block 47 EPSA and Block 77 HoA, represents a further step in Eni’s strategy to reinforce its presence in The Sultanate of Oman and strengthen the collaboration with OOCEP, which is Eni’s partner also in Block 52.

Eni operates in Oman through its subsidiary Eni Oman. In the Middle East, Eni is also present in the United Arab Emirates, Lebanon and Iraq.

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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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