Italy's Eni signs exploration and production deal with Ras Al Khaimah
The agreement covers Block A offshore Ras Al Khaimah
Eni has signed an exploration and production sharing agreement with the emirate of Ras Al Khaimah, the Italian oil company's latest expansion in the Middle East.
The agreement covers Block A offshore Ras Al Khaimah, in the northern emirates.
It was signed between Eni and the emirate's RAK Petroleum Authority, Eni said in a statement on Thursday.
Block A is an area of 2,412 square kilometres. Eni will be the block's operator, with a 90 per cent participating interest, while RAK GAS will hold the remaining 10 per cent.
Earlier this year, Eni pledged $3.3 billion (Dh12.1bn) to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity by more than a third.
In January the oil company of Sharjah, another northern emirate, awarded Eni concessions in three areas.
That same month Eni also signed an exploration and production agreement in neighbouring Oman.
In February, Egypt awarded Eni, Shell and ExxonMobil oil and gas blocks in one of its biggest ever licensing rounds as North Africa's largest economy vies to leverage recent large discoveries off the Mediterranean to become an energy exporter.
Egypt, the Arab world’s most populous state, struck gold in recent years thanks to the discovery of the massive Zohr field by Italian energy major Eni in 2016 in the Eastern Mediterranean.
Updated: April 19, 2019 04:25 PM