National Oil and Gas Authority of Bahrain (NOGA) and Eni have signed a MoU agreement, aiming to pursue petroleum exploration of Block 1, an offshore area of more than 2,800 sq km that is largely unexplored
Located in the northern territorial waters of Bahrain with water depth ranging from 10 metre up to 70metre, the offshore area is set to help diversifying Bahrain’s energy potentials.
Mohamed Bin Khalifa Al Khalifa, minister of oil of Bahrain and chairman of the board of directors in NOGA, said, “This strategic partnership with Eni is a major step towards utilising 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, CEO of Eni, commented, “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,” Descalzi added.
