Italian oil major Eni has signed a memorandum of understanding (MoU) with the National Oil and Gas Authority (NOGA) of the Kingdom of Bahrain with the aim to pursue petroleum exploration of offshore Block 1.
The block is an offshore area of over 2,800 square kilometers which is, according to Eni, still largely unexplored. Block 1 is located in the northern territorial waters of the Kingdom of Bahrain with water depth ranging from 10 to 70 meters.
Eni said that the MoU was signed by the Minister of Oil of Bahrain and NOGA chairman Mohamed Bin Khalifa Al Khalifa and Eni CEO Claudio Descalzi.
The signing ceremony was held in the presence of officials from NOGA, Noga Holding oil and gas company, and Tatweer Petroleum.
Al Khalifa said: “This strategic partnership with Eni is a major step towards utilizing the Kingdom’s offshore natural resources. 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.”
Claudio Descalzi added: “We are delighted with the signing of this agreement and the opportunity to explore the potential of Block 1.
“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.”