Oman Oil Company (OOC), the Sultanate’s investment arm in the energy related sectors, and Italian energy company Eni have finalised a memorandum of understanding (MoU) to explore cooperation opportunities in the oil and gas sector.

The agreement was reached in Milan, Italy by Isam bin Saud Al Zadjali, CEO of OOC, and Claudio Descalzi, CEO of Eni.

The ceremony was attended by Dr Mohammed Al Rumhi, Oil and Gas Minister of Oman – the Chairman of OOC, Dr Ahmed Salim Baomar, Ambassador of Oman to Italy, and a number of executives and senior officials from both companies.

Al Zadjali said: “This MoU with Eni is another step taken by OOC to join hands with a strategic international partner seeking development areas in Oil and Gas sector. The strategic position of OOC as Oman’s national oil company attracts major international oil companies’ investments in the Sultanate.”

The Ministry of Oil & Gas of Oman has also granted Eni and OOC Exploration and Production (OOCEP) exploration rights in Block 52, an area of 90,000 sq km with a water depth ranging from 10 to 2,000 metres with liquid hydrocarbon potential, located offshore Oman. The area is largely unexplored with the potential of hydrocarbons findings. The area has been awarded following an international bid round process launched in October 2016.

“We are very happy with this agreement and the award of Block 52,” said Descalzi.

“This MoU and exploration in Block 52 will allow Eni to start cooperating and investing in such an important East Country and 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,” he added. – TradeArabia News Service