Eni on Thursday inked an accord with Ras Al Khaimah's Petroleum Authority to operate the emirate's offshore Block A exploration tract, a move that further expands the Italian energy giant's upstream push in the region.
The Exploration and Production Sharing Agreement and Joint Operating Agreement between Eni and the RAK Petroleum Authority was signed in the presence of the emirate's ruler Sheikh Saud bin Saqr Al-Qasimi, who is a member of the UAE's Supreme Council, according to Eni's statement.
Block A covers an area of 2,412 square kilometres offshore Ras Al Khaimah, with water depths ranging from 10 to 90 metres, said the statement.
Eni will operate the block with a 90% participating interest and Ras Al Khaimah’s National Oil Company RAK GAS as a partner with a 10% stake, the statement said.
Eni already operates in the emirates of Abu Dhabi and Sharjah and is also present in Oman, Lebanon, Iraq and Bahrain.
Ras Al Khaimah is one of the seven emirates that make up the UAE.
