H.E. Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, signed the memorandum of understanding (MoU) with the Italian company Eni on the evening of Sunday, January 13, 2019 at the Four Seasons Hotel, for the approval of the Cabinet to sign MoU with the company for cooperation in the field of oil and gas on projects for the extraction of oil and gas in the northern territorial waters with an area of 2,800 square kilometers and maximizing the capacity of the Kingdom of Bahrain production according to the overall development strategy in the kingdom. Where Mr. Claudio Descalzi, Eni's CEO, signed the MoU, with the presence of a number of officials from the National Oil and Gas Authority (NOGA), the oil and gas holding company (nogaholding), Tatweer Petroleum and a number of executives of the oil companies.
H.E. Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, congratulated H.M. the King, H.R.H. the Prime Minister, H.R.H. the Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister and the members of the committee on this discovery, which is the largest supplier of light shale oil, double the amount in the field of Bahrain. In addition to the discovery of other large quantities of deep gas. H.E. highly appreciated the good guidance of the leadership, led by H.M. King Hamad bin Isa Al Khalifa, King of the country.
In a related context, H.E. Shaikh Mohammed bin Khalifa, Minister of Oil, praised the prominent role played by the Higher Committee for Natural Wealth and Economic Security under the chairmanship of H.R.H. Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander, First Deputy Prime Minister, in the development of plans for the exploration operations, where NOGA and the national oil companies were directed to improve the level of geological survey by employing the best available techniques, digging a number of exploratory wells in the past period, and using international companies in this area and work to develop energy sources and support the national economy.
Moreover, H.E. the Minister of Oil said that the northern territorial waters of the Kingdom of Bahrain are estimated to be 2,800 square kilometers in depth ranging from 10m to 70m, where this area remains largely unexplored. Noting H.E. that the signing of this MoU with ENI is a positive step in the right direction towards enhancing cooperation and investment and holding comprehensive discussions to review all aspects related to the technical and commercial conditions for potential exploration and development within a reduced time frame. Praising H.E. the development achievements and ambitions, which has been characterized by distinguished relations with this prestigious company over the past years, due to its high global reputation and extensive experience and knowledge in the field of prospecting and exploration over decades; Wishing the company and all strategic partners all success and achievement of the strategic objectives.
H.E. the Minister of Oil stressed that NOGA attaches great importance in strengthening the relations and enhancing cooperation with all international oil companies and providing all means of support and assistance, in order to secure the kingdom's energy needs to ensure the sustainability of growth and realize the vision of the Kingdom of Bahrain 203. Through exploration of oil and gas in the land and sea areas and increase the portfolio of nogaholding company by establishing more companies specializing in the oil industries and implementing many related projects.
Mr. Descalzi stated that Eni is delighted with the signing of the MoU and the opportunity to explore the potential of Block 1 and that the MoU and the exploration in Block 1 will allow Eni to start cooperating and investing in a country that was one of the first in the Gulf to produce oil and which now aims at unveiling its offshore potential. Entering in Bahrain will enable Enito expand its presence in a key region of the Middle East, in line with Eni's strategy aimed at diversifying Eni's exploration portfolio across basins with liquid hydrocarbon potential while keeping high quality stakes throughout the exploration phase.
The Italian company Eni is one of the largest European oil companies specializing in the discovery and oil abscess in many oil projects in 85 countries across the world, with a large number of small and medium-sized companies specializing in the oil sector.