(MENAFN) UAE's RAK Petroleum Authority and Italy's oil giant Eni penned a deal for the exploration and production sharing of offshore Block A, which covers 2,412 sq km.
Italy's giant, under the agreement, will run the block with a participating interest of 90 percent with the rest being owned by the firm in Ras Al Khaimah.
It comes after the Italian oil firm made a commitment to spend USD3.3 billion in the acquisition of a part in the large emirate refinery.
Eni has been stepping up its efforts to tap into the Middle Eastern market as it secured several agreements with an oil firm in Sharjah in three areas in January.
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