Eni announced that the Chairman of its subsidiary Eni RAK, Fuad Krekshi, has signed an Exploration and Production Sharing Agreement (EPSA) with the Chief Executive of the Ras Al Khaimah Petroleum Authority, Nishant Dighe for the onshore Block 7 located in Ras Al Khaimah of UAE, a press release reported.
According to the agreement, Eni RAK will be the operator of the Block 7 at a stake of 90%, while Ras Al Khaimah’s National Oil Company RAK Gas will be a partner holding the remaining stake of 10%.
By acquiring the new 3D seismic, Eni RAK will be able to assess the geological compositions of the area and discover its hydrocarbon potential.
The acquisition of Block 7 represents another step in Eni’s positioning in the Middle East and in the UAE in particular, where Eni holds the largest exploration acreage among the IOCs present in the country with more than 26,000 km2 gross, comprising eight exploration blocks onshore and in shallow waters offshore across the Emirates of Abu Dhabi, Ras Al Khaimah and Sharjah.
