Eni Signs EPSA For Block 47, HoA For Block 77 In Onshore Oman

(RTTNews) - Italian oil and gas company Eni SpA (E) announced Monday that the company and the state company Oman Oil Company Exploration and Production or OOCEP have entered into an Exploration and Production Sharing Agreement or EPSA for Block 47 with the Government of the Sultanate of Oman.

Eni has also signed with the Ministry of Oil & Gas and with BP a Head of Agreement or HoA that sets up the principles for the acquisition of the Exploration and Production rights of Block 77 onshore.

Block 47, located onshore in the Omani A'Dakhiliyah Governorate, was awarded to Eni and OOCEP following their joint bid as part of the 2017 Oman Licensing Round.

Pursuant the EPSA, Eni is the Operator of block and with a 90% participating interest and OOCEP holds the remaining 10% participating interest. Exploration operations are expected to commence in 2019. Regarding its deal for the rights of Block 77 onshore, Eni said the company and BP hold 50% each with Eni acting as operator during the exploration phase. Following the signature of the HoA, the EPSA will follow shortly. Eni said the signature of Block 47 EPSA and Block 77 HoA, represents a further step in its strategy to reinforce its presence in The Sultanate of Oman and strengthen the collaboration with OOCEP, which is Eni's partner also in Block 52. Eni operates in Oman through its subsidiary Eni Oman. In the Middle East, Eni is also present in the United Arab Emirates, Lebanon and Iraq.