The onshore block was awarded to Eni by SNOC in early 2019. Credit: drpepperscott230 from Pixabay.

PTT Exploration and Production Company (PTTEP) has agreed to acquire a 25% stake in the Sharjah Onshore Area A exploration block in the UAE from Eni.

The related farm-in agreement has been signed by the company’s subsidiary, PTTEP MENA, with Eni Sharjah, a subsidiary of Eni.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

PTTEP said the acquisition forms part of its plan to strengthen its presence and growth in the petroleum prolific Middle Eastern area.

The Sharjah Onshore Area A block, which covers an area of approximately 437km² in Sharjah, north of the UAE, was awarded to Eni by Sharjah National Oil Corporation (SNOC) in early 2019.

PTT Exploration and Production Company CEO Montri Rawanchaikul said: “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 [the] UAE since the company’s first entry into [the] UAE in 2019. 

See Also:

“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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Upon the completion of the transaction, Eni Sharjah will own a 50% stake in Sharjah Onshore Area A while SNOC and PTTEP MENA will each hold a 25% stake.

Subject to customary closing conditions and government approvals, the transaction is planned for completion within 2022.

Earlier in the UAE, PTTEP invested in four projects including the Abu Dhabi Offshore 1, Abu Dhabi Offshore 2, Abu Dhabi Offshore 3, and the Sharjah Onshore Area C.

In August 2022, Eni and PTTEP announced a second gas discovery in the Abu Dhabi Offshore Block 2 offshore UAE, following drilling of the exploration well XF-002.