Eni says it will act as operator with a 90% interest with Ras Al Khaimah's National Oil Company as a partner with a 10% stake
Italian energy giant Eni has signed an exploration and production sharing agreement covering in Ras Al Khaimah.
The deal has been struck for the offshore Block A, as well as the relevant joint operating agreement.
Block A covers an area of 2,412 sq km off the coast of Ras Al Khaimah, with water depths ranging from 10 to 90 metres.
Eni said it will act as operator with a 90 percent participating interest with Ras Al Khaimah’s National Oil Company, Rak Gas, as a partner with a 10 percent stake.
It added that the entry into Ras Al Khaimah represents a further step in Eni’s positioning in the Middle East and the establishment of the company in the UAE where Eni already operates in Abu Dhabi and Sharjah.
The agreement was signed between Eni and Nishant Dighe, chief executive of the RAK Petroleum Authority, in the presence of Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah.
Eni is also present in Oman, Lebanon, Iraq and Bahrain.
In January, Sharjah's ruler signed a long-term agreement awarding Eni concessions to explore and develop onshore oil and gas fields in a 30-year partnership with the Sharjah National Oil Corporation (SNOC).For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.