Sharjah awards 3 concessions to Eni
sharjah — Sharjah National Oil Corporation (SNOC) awarded Italy’s Eni concessions in three areas, Eni said in a statement on Sunday.
His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, received on Sunday Eni chief executive Claudio Descalzi during which a long-term agreement in oil and gas exploration was signed.
The agreement awards Eni — Italy’s largest energy company — 3 long-term concessions to explore and develop onshore oil and gas fields in a 30-year partnership with the Sharjah National Oil Corporation (SNOC).
“Concession Area A and C cover respectively an area of 437 square kilometres (169 square miles) and 1,184 square kilometres. Eni will act as operator with 75 per cent participating interest, with SNOC as partner with a 25 percent stake,” the statement said.
“Concession Area B covers an area of 264 square kilometres. SNOC will act as operator with 50 percent participating interest, with Eni holding a 50 percent stake,” it added.
Sheikh Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Chairman of Sharjah Petroleum Council; Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah; and Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of Sharjah Executive Council, were present during the meeting.
During the signing, Claudio Descalzi lauded the emirate’s research and development efforts in energy, oil and natural gas, stressing these efforts support sustainable energy and offer diverse sources and discoveries to serve future generations.