His Highness the Ruler of Sharjah and CEO of Eni also discussed energy, oil and natural gas issues and future projects that will ensure the sustainability of energy in all its natural and non-natural areas.
Sharjah Ruler signed a long-term agreement granting Eni the license to explore and develop oil and natural gas fields in three regions in a 30-year partnership with the Sharjah National Oil Corporation (SNOC).
Sheikh Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah, Chairman of the Sharjah Oil Council said that Sharjah licensing has added long-term value to Sharjah government and citizens.
Sheikh Sultan bin Ahmed Al Qasimi, Deputy Chairman of Sharjah Oil Council, Chairman of the Sharjah National Oil Corporation said that we are very pleased with the success of the licensing round in securing a partner with extensive experience to help us in the exploration and activities and we look forward to the positive results of Sharjah in the coming months and years.
The licensing round attracted great interest from applicants due to several attractive factors, including improved images of the three-dimensional seismic survey completed before the application process, the financial system, the availability of adequate infrastructure and an efficient product market.
The three Concession Areas A, B and C were on offer to international bidders in partnership with SNOC, and the results gave Eni the role of Operator in Areas A and C, while SNOC retained the role of Operator in Area B. The Concession Agreements cover the exploration, appraisal and development of oil and gas resources in the areas.
There was considerable interest in the Licensing Round due to several attractive factors the improved images from the 3D seismic survey that was completed ahead of the bid process, coupled with an attractive fiscal system, the availability of existing infrastructure and a growing market for these products.
This award follows completion of the first Onshore License Round conducted by SNOC on behalf of the Sharjah Petroleum Council. The objective of the License Round was to select suitably qualified partner(s) in order to accelerate the exploration, appraisal and development of the hydrocarbon resources onshore Sharjah.
His Highness the Ruler of Sharjah also witnessed the signing of a cooperation agreement between the Sharjah National Oil Corporation and Eni for cooperation between the two institutions in the fields of oil and natural gas.