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Thailand-headquartered PTT Exploration and Production Public Company Limited (PTTEP) announced on Wednesday that it has expanded its investment in the United Arab Emirates (UAE) by acquiring 25 percent participating interest in the Sharjah Onshore Area A.
The company said in a press statement that its subsidiary PTTEP MENA has signed a Farm-in Agreement to acquire the stake from Eni Sharjah, a subsidiary of Italy-based integrated energy company Eni.
“PTTEP continues to expand our investment in our strategic focus area in the Middle East, with this Sharjah Onshore Area A being the fifth project in UAE since the company’s first entry into UAE in 2019. The investment reflects our strategic emphasis on natural gas resources and the growing partnership with Eni through which our strengths are combined to unlock new reserves,” said Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP).
Upon the completion of the acquisition, which is expected to be completed within 2022 after governemnt approvals, the participating interest of Sharjah Onshore Area A will comprise Eni Sharjah B.V. (Operator) 50 percent, SNOC 25 percent and PTTEP MENA 25 percent.
Sharjah Onshore Area A, situated in the Sharjah Emirate, spans over an area of approximately 437 square kilometres, according to the statement. Eni was awarded this exploration block by Sharjah National Oil Corporation (SNOC) in early 2019.
PTTEP's four other projects in the UAE, namely the Abu Dhabi Offshore 1, the Abu Dhabi Offshore 2, the Abu Dhabi Offshore 3, and the Sharjah Onshore Area C are in the exploration phase and in partnership with Eni, the statement said. PTTEP and Eni had announced successful discovery of significant gas resources in the Abu Dhabi Offshore 2 in August 2022.
Last month, Zawya Projects had reported that SNOC completed the 3D seismic survey of Area C.
(Writing by SA Kader; Editing by Anoop Menon)
