Eni subsidiary Eni Sharjah BV has agreed to farm out a 25% interest in Sharjah Onshore Area A, an exploration block of the Sharjah Emirate in United Arab Emirates (UAE), to PTT Exploration and Production Public Co. Ltd. (PTTEP).
The deal, with PTTEP MENA Ltd., is expected to close by yearend subject to conditions and government approvals, PTTEP said in a release Oct. 26. Upon closing, participating interest of the 437-sq km Sharjah Onshore Area A will comprise Eni Sharjah BV (operator) 50%, Sharjah National Oil Corp. 25%, and PTTEP MENA 25%.
The investment is PTTEP's fifth project in the UAE after entering in 2019. PTTEP holds interests in Abu Dhabi Offshore 1, Abu Dhabi Offshore 2, and Abu Dhabi Offshore 3, plus Sharjah Onshore Area C. All are in the exploration phase and in partnership with Eni. In August, Eni and PTTEP noted discovery of gas resources in the Abu Dhabi Offshore 2.