PTTEP acquires 25 percent stakes in onshore exploration block in the UAE

PTTEP acquires 25 percent participating interest in the Concession Area C onshore the Emirate of Sharjah, from Eni Sharjah B.V., as the company aims to expand its focus on petroleum prolific areas in the Middle East.

“This investment marks another important milestone for PTTEP in expanding our presence into another area of UAE, the Sharjah Emirate. It is made possible through our growing partnership with Eni and aligns with our strategy to pursue investment opportunities in high petroleum potential areas in the Middle East, especially of gas resources. We believe that the capabilities, expertise and technology brought by this partnership to the Concession Area C will lead to successful discovery,” said Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP) in a statement.

Area C is located in the central part of  Sharjah. It covers an area approximately 1,184 square kilometers.It was operated by Eni who has been awarded this exploration block in early 2019. 

PTTEP said that the block has “high gas and condensate potential with the possibility of integrating with surrounding fields which previously made successful discovery of large gas & condensate resources and are equipped with infrastructure and facilities as well as market demands for petroleum output.”

The acquisition is pending government approval and is expected to take place within this year..

Upon the completion of the transaction, Eni Sharjah B.V. (Operator) will hold 50 percent participating interest while SNOC will hold 25 percent and PTTEP MENA 25 percent.

The company said that a 3D Seismic survey is being conducted on the block during late 2021 – 2022 to assess its hydrocarbon potential.

PTTEP has invested in three projects in UAE in partnership with Eni: the Abu Dhabi Offshore 1 Project, the Abu Dhabi Offshore 2 Project, and the Abu Dhabi Offshore 3 Project which are all in the exploration phase.