Sharjah National Oil Corporation (SNOC) has completed the acquisition of a 30 percent participating interest in Block 7 in Ras Al Khaimah from Eni.
Block 7 spans an area of 430 square kilometers and is a hub for oil and gas exploration.
Currently, an exploratory well named Fennec-01 is being drilled in the area.
Under the terms of the deal, Eni retains a 60 percent ownership stake and assumes the role of the operator.
Meanwhile, SNOC holds a 30 percent stake, and RAK Gas possesses a 10 percent stake in Block 7.
Read more: UAE’s Sharjah announces discovery of new gas reserves in Al-Hadiba field
Driving development through strategic partnerships
Sheikh Mohammed bin Ahmed Al Qasimi, vice chairman of the Sharjah Petroleum Council, expressed that the agreement with Eni aims to strengthen the ongoing cooperation between the emirates of Sharjah and Ras Al Khaimah.
The partnership is anticipated to yield outstanding outcomes in drilling activities and foster further advancements in the near future.
Chairman of the RAK Petroleum Authority Sheikh Ahmed bin Saud bin Saqr Al Qasimi, emphasized the significance of the collaboration among Ras Al Khaimah, Sharjah, and Eni in supporting and stimulating the growth of the energy sector.
Through strategic partnerships, this cooperation aims to foster further development in the region, he added.
Hatem Al Mosa, executive director of SNOC, highlighted that this deal represents SNOC’s first investment outside of Sharjah.
He further highlighted that the agreement strengthens the relationship between Sharjah and Ras Al Khaimah.
Shared vision for natural gas resources
For his part, Chris Wood, CEO of Ras Al Khaimah Petroleum Authority and RAK Gas, said the partnership signifies a shared vision for harnessing Ras Al Khaimah’s natural gas resources.
Moreover, Wood underscored the collaborative efforts to strengthen connections between the emirates, create additional opportunities, and ensure energy security for communities.
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