Italy-based Eni has signed a memorandum of understanding (MoU) with Oman Oil Co. to jointly explore opportunities in oil and gas, including an offshore block awarded to the two companies following an international bid round held last October.

Oman’s Ministry of Oil and Gas awarded the two companies exploration rights to Block 52 offshore Oman. The largely unexplored block covers 90,000sq km, and has water depths ranging from 10-2000m, according to Eni.

The award of Block 52 will allow Eni to expand its Middle East presence, says Eni CEO Claudio Descalzi. The MoU and block award are “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.”

Late last year, Eni signed agreements with Bahrain Petroleum Co. and Tatweer Petroleum to explore the potential of Bahrain’s offshore and onshore oil and gas assets.

Source: www.oedigital.com