Eni signed an agreement with Bahrain's National Oil and Gas Authority to explore oil in offshore Block 1, the Italian energy company announced Wednesday.
Under the terms of the exploration and production sharing agreement, Eni will pursue exploration activities in the offshore area of over 2,800 square km, located in the northern territorial waters of the Kingdom of Bahrain, at a water depth of 10 to 70 meters.
According to Eni's statement, the agreement follows a joint study conducted by the company in 2016 and the signing of a Memorandum of Understanding on Jan. 13.
"Thanks to this agreement, Eni strengthens its presence in Bahrain, in line with its strategy aimed at diversifying its exploration portfolio across basins with liquid hydrocarbon potential, as those present in this Middle East region," the press release added.
Eni is already present in the United Arab Emirates, Iraq, Oman and Lebanon.
By Hale Turkes