ENERGY

Italy’s Eni signs exploration, production deal with Ras Al Khaimah emirate

Italian oil and gas giant Eni has signed an exploration and production sharing agreement with the emirate of Ras Al Khaimah in the UAE. (Photo courtesy: ENI)

Eni has signed an exploration and production sharing agreement with the emirate of Ras Al Khaimah, the Italian oil company’s latest expansion in the Middle East.

The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE).

According to a press release from Eni on Thursday, the company has signed “an Exploration and Production Sharing Agreement covering Block A Offshore Ras Al Khaimah, as well as the relevant Joint Operating Agreement. 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, UAE Supreme Council Member and Ruler of Ras Al Khaimah.”

Eni will be the block’s operator, with a 90 percent participating interest, while RAK GAS will hold the remaining 10 percent.

Block A covers an area of 2,412 sq. km offshore Ras Al Khaimah, with water depths ranging from 10 to 90 meters. Eni will act as Operator with a 90% participating interest and Ras Al Khaimah’s National Oil Company RAK GAS as a partner with a 10% stake.

The entry into the Emirate of 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 Italian oil and gas giant said.

 

Eni is also present in Oman, Lebanon, Iraq and Bahrain.

Earlier this year, Eni pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity by more than a third.

In January, the oil company of Sharjah, another emirate, awarded Eni concessions in three areas.

That same month Eni also signed an exploration and production agreement in neighboring Oman.

(With Reuters in Milan)

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Last Update: Friday, 19 April 2019 KSA 15:27 - GMT 12:27
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