(MENAFN- Khaleej Times) Published: Fri 10 May 2024, 9:39 AM
Last updated: Fri 10 May 2024, 9:40 AM
Sharjah National Oil Corporation (SNOC) has completed a deal to acquire from Eni a 30% participating interest in Block 7 in Ras Al Khaimah, which extends over an area of 430 square kilometres and sees significant activity in oil and gas exploration with the ongoing drilling of an exploratory well called Fennec-01.
Following the deal, Eni, as operator, owns 60% of block 7, SNOC 30%, and RAK Gas 10%.
Sheikh Mohammed bin Ahmed Al Qasimi, Vice Chairman of the Sharjah Petroleum Council, said the agreement with Eni aims to enhance continued cooperation between the emirates of Sharjah and Ras Al Khaimah. It is expected to see exceptional results in drilling and further progress in the near future.
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Sheikh Ahmed bin Saud bin Saqr Al Qasimi, Chairman of the RAK Petroleum Authority, stressed that the cooperation between Ras Al Khaimah, Sharjah, and Eni contributes to supporting and stimulating the growth of the energy sector through strategic partnerships, which enhances further growth in the region.
Hatem Al Mosa, Executive Director of SNOC, said the deal marks SNOC's inaugural investment outside the Emirate of Sharjah. He further noted that the agreement solidifies the bond between Sharjah and Ras Al Khaimah.
Chris Wood, CEO of Ras Al Khaimah Petroleum Authority and RAK Gas, said the partnership underscored a shared vision for harnessing Ras Al Khaimah's natural gas resources.
He emphasised the collaborative efforts to build stronger links between the emirates, generate additional opportunities, and ensure energy security for communities.
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