Qatar Petroleum entered into an agreement to acquire a 30% participating interest in the Contractor’s interest under the exploration and production sharing agreement (EPSA) for Block 52 Offshore in the Sultanate of Oman.

The parties under the EPSA are the Government of the Sultanate of Oman and the Contractor, which – upon satisfaction of all Omani governmental approvals – will comprise of Qatar Petroleum with a participating interest of 30%, Eni with a participating interest of 55%, and Oman Oil Company with a participating interest of 15%.

The agreement was signed by Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum, during a ceremony at the Ministry of Oil and Gas in Muscat, Sultanate of Oman. The signing of the deal was made in the presence of Oman Minister of Oil and Gas Dr Mohammed bin Hamad Al Rumhi, Oman Oil Company CEO Isam Zadjali, and Eni CEO Claudio Descalzi.

Al-Kaabi said he was grateful to the Sultanate of Oman, its Ministry of Oil and Gas, and the Oman Oil Company, for their trust and support.

We are proud to have this opportunity to participate in the exploration and development of the oil and gas resources in the Sultanate of Oman. This agreement represents a step towards mutually rewarding opportunities in the future.’

Al-Kaabi also said he was very pleased to enter into the agreement with valued partner Eni, with whom they already enjoy a close business relationship.

I would like to thank the executives of Eni, Oman Oil and Qatar Petroleum and their respective teams who contributed to this important milestone.’

Block 52, which is largely underexplored, has an area of more than 90,000 square kilometres and is located in water depths ranging from 10 metres to over 2,000 metres. The Contractor parties will soon embark to execute an exploration programme involving the acquisition and processing of 3D seismic, which will be followed by exploration ‘drilling’. Eni is the designated Operator of the block, through its subsidiary Eni Oman BV.

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