Bahrain's National Oil and Gas Authority (NOGA) and Italy's Eni have signed a memorandum of understanding (MoU) on pursuing petroleum exploration of Block 1, an offshore area of over 2,800 square kilometers.
Bahrain's Crown Prince Salman bin Hamad Al Khalifa noted that King Hamad bin Isa Al Khalifa has issued directives to intensify oil drilling.
This statement was made during Sunday’s meeting between the Crown Prince and Eni Chief Executive Claudio Descalzi in the presence of Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa to sign the MoU to explore and develop oil and gas production in Block 1 with a depth spanning from 10 meters up to 70 meters.
The Bahraini minister stated: “With this signing, we aim to hold various discussions to review all relevant aspects of the technical and commercial terms of the potential exploration and development within a reduced time-frame”.
He affirmed that NOGA attaches great importance in strengthening relations and enhancing cooperation with all international oil companies and providing all means of support and assistance, in order to secure the kingdom's energy needs to ensure the sustainability of growth and realize the vision of the Kingdom of Bahrain 2030.
This can happen through the exploration of oil and gas in the land and sea areas and increase the portfolio of NOGA holding company by establishing more firms specializing in the oil industry and implementing many related projects, said the minister.
Descalzi hailed the MoU and the opportunity to explore the potential of Block 1 which will allow Eni to start cooperating and investing in Bahrain.
"Entering in Bahrain 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 said.
