Eni has signed an exploration and production sharing agreement (EPSA) for Block A offshore the United Arab Emirates (UAE), Pipeline Oil and Gas Magazine reported.
The agreement was signed between Eni and Nishant Dighe, the Chief Executive of the Ras Al Khaimah Petroleum Authority, in the presence of Sheikh Saud Al Qasimi, the ruler of Ras Al Khaimah.
Under the agreement, Eni will be the operator with 90% interest and Ras Al Khaimah’s National Oil Company RAK GAS will be a partner with the remaining 10% stake.
Block A covers an area of 2,412 square kilometers (km2) offshore the emirate, with water depths ranging from 10 to 90 meters.
Signing the agreement represents another step for Eni to expand its presence in the Middle East.