Eni Signs Onshore Concession Agreements in Sharjah Emirate
January 14 2019 - 2:51AM
Dow Jones News
By Patrick Costello
Eni SpA (ENI.MI) said Sunday that it has won three
onshore-exploration concession agreements from the Sharjah National
Oil Company for Areas A, B and C in the emirate of Sharjah,
UAE.
Eni will serve as the operator with a 75% stake for Area A and
C, which cover areas of 437 and 1,184 square kilometers,
respectively. SNOC will serve as a partner and hold the remaining
25% stake, the Italian energy company said.
SNOC will act as the operator of the 264-square-kilometer Area
B, with a 50% participating interest. Eni will hold the remaining
50% stake, it said.
The agreements are the result of SNOC's first competitive
exploration licensing round, launched in 2018, to explore and
develop new hydrocarbon resources by establishing partnerships, Eni
said.
Eni didn't disclose the financial terms of the concessions.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
January 14, 2019 02:36 ET (07:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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