Dr Sultan bin Mohamed Al Qasimi, supreme council member and ruler of Sharjah, has signed a long-term agreement awarding Eni three concessions to explore and develop onshore oil and gas fields in a 30-year partnership with Sharjah National Oil Corporation (SNOC)
The agreement was also signed by Claudio Descalzi, CEO of Eni, and lauded the emirate's research and development efforts in energy, oil and natural gas, stressing these efforts support sustainable energy and offer diverse sources to serve future generations.
Speaking on the occasion, 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.”
The three concession areas - A, B and C - 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.
There was considerable interest in the Licensing Round due to several attractive factors - the high-resolution images from the 3D seismic survey that was completed ahead of the bid process, coupled with an attractive fiscal system, the availability of existing infrastructure and a growing market for these products.
“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 License Round conducted by SNOC on behalf of the Sharjah Petroleum Council. The objective of the License Round was to select suitably qualified partners in order to accelerate the exploration, appraisal and development of the hydrocarbon resources onshore Sharjah.
