Eni of Italy has signed an exploration and production sharing agreement for Block 52 offshore Sultanate of Oman.
The block is an underexplored area with approximately 90,000 square kilometers of hydrocarbon potential that sits off the coast of southern Oman, Eni said in a statement on Monday.
Eni Oman BV, a unit of the energy company will hold a 55% stake in the block, the Oman Oil Company Exploration & Production LLC will hold 15%, and LNG producing giant Qatar Petroleum will hold the remaining 30%, following a separate deal that it signed on Monday with Eni.
Block 52 was awarded to Eni and OOCEP following an international bid round process launched in October 2016.
Eni did not reveal the value of the deal.