By Patrick Costello

Eni SpA (ENI.MI) said Sunday that it has won three onshore-exploration concession agreements from the Sharjah National Oil Company for Areas A, B and C in the emirate of Sharjah, UAE.

Eni will serve as the operator with a 75% stake for Area A and C, which cover areas of 437 and 1,184 square kilometers, respectively. SNOC will serve as a partner and hold the remaining 25% stake, the Italian energy company said.

SNOC will act as the operator of the 264-square-kilometer Area B, with a 50% participating interest. Eni will hold the remaining 50% stake, it said.

The agreements are the result of SNOC's first competitive exploration licensing round, launched in 2018, to explore and develop new hydrocarbon resources by establishing partnerships, Eni said.

Eni didn't disclose the financial terms of the concessions.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

January 14, 2019 02:36 ET (07:36 GMT)

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