Eni signs MoU for petroleum exploration in Block 1 offshore Bahrain
This is the third exploration announcement made by Eni this week; the company also signed agreements with ADNOC and SNOC
Eni and the National Oil and Gas Authority of the Kingdom of Bahrain (NOGA) signed a Memorandum of Understanding (MoU) to pursue petroleum exploration of Block 1, an offshore area of over 2,800 sqkm still largely unexplored, located in the northern territorial waters of the Kingdom of Bahrain with water depth ranging from 10 metres up to 70 metres.
“This strategic partnership with Eni is a major step towards utilizing the Kingdom’s offshore natural resources," said Mohamed Bin Khalifa Al Khalifa, Bahrain's oil minister. "With this signing, we aim to hold various discussions to review all relevant aspects of the technical and commercial terms of the potential exploration and development within a reduced timeframe.”
“We are delighted with the signing of this agreement and the opportunity to explore the potential of Block 1," said Claudio Descalzi. "This MoU and the exploration in Block 1 will allow Eni to start cooperating and investing in a country that was one of the first in the Gulf to produce oil and which now aims at unveiling its offshore potential. Entering in Bahrain will enable our company to expand its presence in a key region of the Middle East, in line with our strategy aimed at diversifying our exploration portfolio across basins with liquid hydrocarbon potential while keeping high quality stakes throughout the exploration phase."