Italian energy giant Eni and Oman Oil Company Exploration and Production (OOCEP) signed Tuesday an exploration and production sharing agreement for Block 52, Offshore Oman.
According to the exploration and production sharing agreement (EPSA), Eni will become the operator of the block, through its subsidiary Eni Oman B.V., with an 85 percent stake, whilst its partner OOCEP, a subsidiary of state company Oman Oil Company SAOC (OOC), will hold the remaining 15 percent share, according to the press release.
Block 52 is an underexplored area with hydrocarbons potential located offshore in the southern region of Oman. It has an area of approximately 90,000 kilometers square, with water depths ranging from 10 to over 3,000 meters.
"The signing ceremony was attended by the Minister of Oil and Gas of Oman, Mohammed bin Hamad Al Rumhi, OOC CEO, Isam Al Zadjali, Eni’s CEO, Claudio Descalzi, and Qatar Petroleum’s President and CEO, Saad Sherida Al Kaabi," the press release said.
"The signing of the 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 and gas producer in the region, a long-lasting relationship in the best tradition of Eni." Descalzi said in the press release.
"It is also remarkable that, the same day, we are welcoming Qatar Petroleum as a partner in Block 52, to join our efforts with such a strong partner that is currently leading the LNG business worldwide," he added.
Following an international bid round process launched in October 2016, Eni and OOCEP were awarded Block 52.
By Muhsin Baris Tiryakioglu