[ad_1]
Thailand PTT Exploration and Production (BKK:PTTEP) by Eni from Italy (MIL:Eni).
The investment marks the fifth project for the state-backed PTTEP in the UAE, as the company continues to strengthen its presence and growth in the Middle East, it said on Wednesday.
Mr. Montri Rawanchaikul, CEO of PTT Exploration and Production Public Company Limited (PTTEP), revealed that the company’s subsidiary, PTTEP MENA Limited, has signed a farm agreement to acquire a 25% stake in Sharjah Onshore Zone A. Sharjah Emirate exploration block from Eni Sharjah BV, a subsidiary of Italian integrated energy company Eni. The process is expected to be completed in 2022 after the conditions of the agreement are met and government approval is obtained.
“PTTEP continues to expand our investments in our strategic focus areas in the Middle East, with Sharjah Onshore Zone A being the fifth project in the UAE since the company’s first entry into the UAE in 2019. This investment reflects our leadership in gas resources and PTTEP The partnership with Eni continues to grow, with our strengths coming together to unlock new reserves, officials said.
Sharjah Onshore Zone A is located in the emirate of Sharjah in the northern part of the United Arab Emirates and covers an area of approximately 437 square kilometers. Eni had acquired the exploration block from the Sharjah National Oil Company (SNOC) in early 2019. Upon completion of the acquisition, the participating interests in Sharjah Onshore Zone A will comprise 50% of Eni Sharjah BV (the operator), 25% of SNOC and 25% of PTTEP MENA.
In addition to Sharjah Onshore Zone A, PTTEP has invested in four other projects in the UAE, namely Abu Dhabi Offshore 1, Abu Dhabi Offshore 2, Abu Dhabi Offshore 3 and Sharjah Onshore Zone C. All projects are in the exploration phase and in partnership with Eni. PTTEP and Eni recently announced the successful discovery of a significant natural gas resource at Abu Dhabi Offshore 2 in August this year.
[ad_2]
Source link