On 13 January 2019, the National Oil and Gas Authority (NOGA) and Eni SpA signed a Memorandum of Understanding (MoU) enabling the detailed study and potential future pursuit of petroleum exploration within the extensive 2,800 sq km offshore Block 1 concession. It is an area located in the territorial waters of Bahrain with depths up to 70m that both parties believe remains largely unexplored. The MoU was signed in Manama by Oil Minister and NOGA Chairman H.E. Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa and Eni CEO Claudio Descalzi. In clarifying the intent of the agreement, Sheikh Mohammed stated that âThis strategic partnership with Eni is a major step towards utilizing the Kingdomâs offshore natural resources. With this signing, we aim to hold various discussions to review all relevant aspects of the technical and commercial terms of the potential exploration and development within a reduced timeframeâ.  Claudio Descalzi confirmed that âWe are delighted with the signing of this agreement and the opportunity to explore the potential of Block 1. This 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 our company to expand its presence in a key region of the Middle East, in line with our strategy aimed at diversifying our exploration portfolio across basins with liquid hydrocarbon potential while keeping high quality stakes throughout the exploration phaseâ.      ChevronTexaco had been the last company to hold an operating interest in Block 1. Its broad ranging EPSA had been awarded to Chevron (operator, 100% interest) by the Ministry of Oil and Industry on 24 February 1998 but the merged company relinquished its EPSA for offshore Blocks 1, 2 and 3 at the end of the agreement's first exploration period in February 2002.      Thailand's PTT Exploration and      Production Public Company Limited (PTTEP) signed a one-year Technical      Evaluation Agreement (TEA) for the offshore Block 1 and Block 2 in May 2005,      but it was cancelled in 2006 following the establishment of NOGA. The      acreage was subsequently incorporated into acreage allocated to a Bid      Round announced in March 2007. It is understood that PTTEP had intended to      sign an EPSA for the acreage during 2H 2006 and has established a local      subsidiary for that purpose.   Block      1, which lies to the north-east of Bahrain Island, has been explored      unsuccessfully by several additional companies including Harken Energy,      Kufpec, Superior Oil and Union Texas.
Bahrain, not found