NOGA, Eni sign memo

Manama, (BNA): A Memorandum of Understanding (MoU) has been signed between the National Oil and Gas Authority of the Kingdom of Bahrain (NOGA) and Enito on pursuing petroleum exploration of Block 1, an offshore area of over 2,800km2, situated in the northern territorial water of the Kingdom of Bahrain with a depth ranging from 10 m up to 70 m. The memo was concluded by Shaikh Mohammed bin Khalifa AlKhalifa, Minister of Oil and Eni’s Chief Executive Claudio Descalzi, in the presence of a number of officials from NOGA, the oil and gas holding company (noga holding), Tatweer Petroleum – Bahrain Field Development Company and a number of executives from the oil and gas industry. Shaikh Mohammed praised the wise leadership, led by His Majesty King Hamad bin Isa Al Khalifa, and the prominent role played by the Higher Committee for Natural Wealth and Economic Security, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, which aims to preserve the country’s natural wealth, develop energy sources and support the national economy. He said that the strategic partnership with Eni is a major positive step towards utilizing the Kingdom’s offshore natural resources and that with this signing, the aim is 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. Descalzi hailed the MoU and the opportunity to explore the potential of Block 1 which 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 Eni to expand its presence in a key region of the Middle East, in line with Eni’s strategy aimed at diversifying Eni’s exploration portfolio across basins with liquid hydrocarbon potential while keeping high quality stakes throughout the exploration phase.