Thailand’s PTT Exploration & Production (PTTEP) agreed to acquire a 25% participating interest in Concession Area C onshore the Sharjah Emirate of the United Arab Emirates from Eni Sharjah BV.
PTTEP MENA Ltd. signed a farm-in agreement for Area C, which covers about 1,184 sq km and was awarded to Eni in early 2019. The block has high gas and condensate potential with the possibility of integrating with surrounding fields, infrastructure, and facilities, PTTEP said.
Upon completion, expected by yearend subject to conditions including government approvals, Eni Sharjah BV (operator) will hold 50% interest, SNOC will hold 25%, and PTTEP MENA will hold 25%.
According to the exploration plan, 3D seismic survey is being conducted on the block in late 2021–2022 to assess hydrocarbon potential.
At present, PTTEP invests in three projects in UAE in partnership with Eni: the Abu Dhabi Offshore 1 project, the Abu Dhabi Offshore 2 project, and the Abu Dhabi Offshore 3 project—all in the exploration phase (OGJ Online, Jan. 14, 2019).
