ENI AND OOCEP SIGN E&P SHAR­ING AGREE­MENT FOR BLOCK 52, OFF­SHORE OMAN

Oil and Gas - - OMAN NEWS -

The Gov­ern­ment of the Sul­tanate of Oman, Oman Oil Com­pany Ex­plo­ration and Pro­duc­tion LLC (OOCEP) and Eni Oman BV, a sub­sidiary of Eni, en­tered into an Ex­plo­ration and Pro­duc­tion Shar­ing Agree­ment (EPSA) for Block 52, lo­cated off­shore Oman.

The sign­ing cer­e­mony took place at The Min­istry of Oil & Gas and was at­tended by the Min­is­ter of Oil and Gas of Oman, H.E Mo­hammed bin Ha­mad Al Rumhi, Oman Oil Com­pany S.A.O.C.’s CEO, Isam Al Zad­jali, Eni’s CEO, Clau­dio Descalzi and Qatar Pe­tro­leum’s Pres­i­dent and CEO, Saad Sherida Al Kaabi.

Block 52 is an un­der­ex­plored area with hy­dro­car­bon po­ten­tial lo­cated off­shore in the south­ern re­gion of Oman. The area ex­tends from Al Wusta re­gion to­wards the Dho­far re­gion, en­com­pass­ing the Hal­laniyat is­lands.

It cov­ers a to­tal area of ap­prox­i­mately 90,760 sq.km with the wa­ter depth rang­ing from ap­prox­i­mately 10m to 3,000m. Pur­suant to the EPSA, Eni Oman BV is the Op­er­a­tor of Block 52. Eni Oman BV holds an 85% stake, whilst its part­ner OOCEP holds the re­main­ing 15% stake in Block 52.

Block 52 was awarded to Eni and OOCEP fol­low­ing an in­ter­na­tional bid round process launched in Oc­to­ber 2016.

Dur­ing the same event, Eni and Qatar Pe­tro­leum signed an agree­ment for the as­sign­ment of 30% in­ter­est in Block 52 to Qatar Pe­tro­leum. The as­sign­ment is sub­ject to ob­tain­ing the re­quired ap­provals from the Gov­ern­ment of the Sul­tanate of Oman.

Fol­low­ing the com­ple­tion of the as­sign­ment, the Con­trac­tor un­der the EPSA will con­sist of af­fil­i­ates of Eni with a 55% stake, Qatar Pe­tro­leum with 30% and OOCEP with 15%.

“The sig­na­ture of Block 52 EPSA rep­re­sents an im­por­tant mile­stone in Eni’s strat­egy to re­in­force its pres­ence in the Mid­dle East re­gion. We wish to es­tab­lish with the Sul­tanate of Oman, which is a his­tor­i­cal Oil & Gas pro­ducer in the re­gion, a long-last­ing re­la­tion­ship in the best tra­di­tion of Eni.

It is also re­mark­able that the same day we are as­sign­ing a par­tic­i­pat­ing in­ter­est of Block 52 to QPI, to join our ef­forts with such a strong part­ner which is cur­rently lead­ing the LNG busi­ness world­wide,” com­mented Eni CEO, Clau­dio Descalzi.

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