(Teleborsa) – The Government of the Sultanate of Oman, Oman Oil Company Exploration and Production (OOCEP), controlled by the state-owned Oman Oil Company SAOC (OOC), and ENI have signed an Exploration and Production Sharing Agreement (EPSA) for Block 52, located offshore of Oman.
The signing ceremony was attended by the Minister of Oil and Gas of Oman, Mohammed bin Hamad al Rumhi, the Chief Executive Officer of OOC, Isam Al Zadjali, the Chief Executive Officer of ENI, Claudio Descalzi, and the President and Chief Executive Officer of Qatar Petroleum, Saad Sherida Al Kaabi.
Block 52 is located in a large, unexplored area with identified hydrocarbon potential. The area is located offshore in the southern region of Oman and extends for approximately 90.000 square km, with a water depth ranging from 10 to over 3.000 metres. Following the agreement, ENI becomes Operator of the block with an 85% stake held through its subsidiary ENI Oman BV, while OOCEP is a partner with the remaining 15% stake.
During the same event, which was held in Muscat, ENI and Qatar Petroleum signed an agreement to assign a 30% stake in Block 52 to Qatar Petroleum. Following this operation, the joint venture will consist of Eni with a 55% stake, Qatar Petroleum with 30% and OOCEP with 15%. The agreement is subject to the approval of the relevant authorities of the Sultanate of Oman.
“The signing of the Exploration and Production Sharing Agreement for Block 52 represents a fundamental step in the strategy of strengthening ENI's presence in the Middle East – commented the CEO of ENI, Claudio Descalzi -. We want to establish a long-lasting relationship with the Sultanate of Oman, historical producer of oil and gas in the region, in the best tradition of our company. We also welcome Qatar Petroleum, aware of joining forces in Block 52 with a strong partner and recognized leader worldwide in the LNG sector".
Block 52 was assigned to ENI and OOCEP following an international Bid Round launched in October 2016.
