Sultan Awards Oil & Gas Exploration Concession to Italy’s Eni

via Sharjah Government Media Bureau/ The Gulf Intelligence

Image Attribute: His Highness Sheikh Dr Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah  signing a long-term agreement with Eni's CEO Claudio Descalzi / Dated: January 13, 2019 / Source: Sharjah Government Media Bureau/ The Gulf Intelligence

SHARJAH, Sharjah Government Media Bureau, JAN 13, 2019 - His Highness Sheikh Dr. Sultan bin Mohamed Al Qasimi, Supreme Council Member and Ruler of Sharjah, received this morning (Sunday) in his office Claudio Descalzi, CEO of Eni, Italy’s largest energy company, in the presence of HH Sheikh Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Chairman of Sharjah Petroleum Council, HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and HH Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah.

On this occasion, HH Ruler of Sharjah signed a long-term agreement awarding Eni three long-term 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, who represented 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.

HH Ruler of Sharjah and the CEO of Eni also discussed a number of energy, oil and natural gas-related issues, as well as future projects aimed at ensuring the sustainability of energy.

HH Ruler of Sharjah also witnessed the signing of an agreement between SNOC and Eni, inked by Hatem Al Mosa, CEO of SNOC, and Claudio Descalzi, CEO of Eni, affirming cooperation between both parties in oil and natural gas.

Speaking on the occasion, HH 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. I congratulate both ENI and SNOC and wish them much future success together."

Sheikh Sultan bin Ahmed Al Qasimi, Deputy Chairman of the Sharjah Petroleum Council and Chairman of SNOC, said: "We are very pleased the License Round was successful in securing an experienced partner to assist with our exploration activities, and we look forward to the benefits for Sharjah in the coming months and years.”

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. “I would like to thank all the companies who participated in the process. SNOC plans to conduct License Rounds for additional areas in the future,” he said.

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 partner(s) in order to accelerate the exploration, appraisal and development of the hydrocarbon resources onshore Sharjah.