Italian explorer Eni has signed an exploration and production-sharing agreement with the National Oil and Gas Authority of Bahrain (Noga) for Block 1, it said May 1. The signature follows a joint study period that started in 2016, and a memorandum of understanding signed in January this year.
The signing took place in the presence of Bahrain's oil minister and Noga head Mohamed Bin Khalifa Al Khalifa and Eni CEO Claudio Descalzi.
Under the terms of the agreement, Eni will pursue exploration activities in the offshore area of over 2,800 km², in the north, with water depth ranging from 10 to 70 metres. Thanks to this agreement, Eni strengthens its presence in Bahrain, in line with its strategy aimed at diversifying its exploration portfolio across basins with liquid hydrocarbon potential, as those present in this Middle East region. In the Middle East, Eni is already present in the United Arab Emirates following a similar deal signed there in late April; and in Iraq, Oman, and Lebanon.
This post first appeared on Natural Gas Asia - Asia's Unconventional Gas And O, please read the originial post: here