Eni signs offshore exploration and production sharing agreement with RAK Petroleum Authority
Eni will act as the operator with a 90% participating interest along with RAK GAS as a partner with a 10% stake
Eni has signed an exploration and production sharing agreement covering Block A Offshore in UAE emirate Ras Al Khaimah, as well as the relevant joint operating agreement. The agreement was signed by Eni and Nishant Dighe, chief executive of the RAK Petroleum Authority, in the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council member and ruler of Ras Al Khaimah.
Block A covers an area of 2,412 km2 offshore Ras Al Khaimah, with water depths ranging from 10 to 90 metres. 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.
This is Eni's first agreement in the Emirate of Ras Al Khaimah. Eni already operates in Abu Dhabi and Sharjah.
Eni is also present in Oman, Lebanon, Iraq and Bahrain. Eni CEO Claudio Descalzi was ranked as the fifth most influential oil and gas figure in the region in Oil & Gas Middle East's Power 50 list.