Sharjah Ruler awards oil & gas exploration concession to Italy’s Eni

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(Sharjah) – H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, received Claudio Descalzi, CEO of Eni, Italy’s largest energy company, during which a long-term agreement in oil and gas exploration was signed.

The agreement awards Eni three long-term concessions to explore and develop onshore oil and gas fields in a 30-year partnership with the Sharjah National Oil Corporation, SNOC.

H.H. Sheikh Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Chairman of Sharjah Petroleum Council, H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, and H.H. 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.

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

Dr. Sheikh Sultan bin Mohammed also witnessed the signing of an agreement between SNOC and Eni, inked by Hatem Al Mosa, CEO of SNOC, and Descalzi, affirming cooperation between both parties in oil and natural gas.

Speaking on the occasion, Sheikh Ahmed bin Sultan 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.”

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, including the improved 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 partners to accelerate the exploration, appraisal and development of the hydrocarbon resources onshore Sharjah.