PTTEP further expands its investment in the United Arab Emirates (UAE) by acquiring a 25% participating interest in the Sharjah Onshore Area A from Eni. The investment is PTTEP’s fifth project in the UAE as the company continues to strengthen its presence and growth in the petroleum prolific area in the Middle East.
Mr. Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed that the company’s subsidiary, PTTEP MENA Limited, has signed a Farm-in Agreement to acquire a 25% stake of the Sharjah Onshore Area A, an exploration block of the Sharjah Emirate from Eni Sharjah B.V., a subsidiary of Italy-based integrated Energy Company Eni. The process is expected to be completed within 2022 after fulfilling conditions in the agreement and obtaining government approvals.
“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 PTTEP’s CEO.
Apart from the Sharjah Onshore Area A, PTTEP invests in 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. All are in the exploration phase and in partnership with Eni. PTTEP and Eni recently announced a successful discovery of significant gas resources in the Abu Dhabi Offshore 2 in August this year.