ENI AND OOC GRANTED EXPLORATION RIGHTS OFFSHORE OMAN

May 26, 2017

Oman Oil Company S.A.O.C. (OOC), the Sultanate’s investment arm in the energy related sectors, and the leading Italian integrated energy company Eni have finalized a Memorandum of Understanding (MoU) to explore cooperation opportunities in the oil and gas sector. The agreement has been reached in Milan by Eng. Isam bin Saud Al Zadjali, CEO of OOC, and Claudio Descalzi, CEO of Eni. The ceremony was attended by H.E. Dr. Mohammed Al Rumhi, Oil and Gas Minister of the Sultanate of Oman – The Chairman of OOC, by Dr. Ahmed Salim Baomar, Ambassador of the Sultanate of Oman to Italy, and by a number of executives and senior officials from both companies.
The Ministry of Oil & Gas of the Sultanate of Oman has also granted Eni and OOCEP exploration rights in Block 52, an area of 90,000 Km2 with a water depth ranging from 10 to 2,000 metres with liquid hydrocarbon potential, located offshore Oman. The area is largely unexplored with the potential of hydrocarbons findings. The area has been awarded following an international bid round process launched in October 2016. “We are very happy with this agreement and the award of Block 52», said Eni’s CEO Claudio Descalzi. «This MoU and exploration in Block 52 will allow Eni to start cooperating and investing in such an important East Country and 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.” (Source: ENI)