SNOC has expanded its partnership with Eni by acquiring a 30% participating interest in block 7 in Ras Al Khaimah, United Arab Emirates (UAE).
Block 7, which covers an area of 430 km², is currently witnessing exploration activities including the drilling of the Fennec-01 exploratory well.
Eni, through its subsidiary Eni RAK, was awarded the exploration rights to block 7 in April 2021 and, prior to the deal, held a 90% stake as the operator, with Ras Al Khaimah’s National Oil Company, RAK Gas, owning the remaining 10%.
Following the transaction, Eni has a 60% ownership as the operator, with SNOC holding 30% and RAK Gas 10%.
This collaboration builds upon the existing cooperation between SNOC and Eni, which includes the commencement of production from the Mahani field within Sharjah's onshore Concession Area B in early 2021.
According to SNOC executive director Hatem Al Mosa, this deal marks SNOC's first investment outside its home emirate and signifies a strengthening of the ties between Sharjah and Ras Al Khaimah.
Sharjah Petroleum Council vice-chairman Sheikh Mohammed bin Ahmed Al Qasimi highlighted the potential of the partnership with Eni, anticipating "exceptional results in drilling and further progress in the near future".
In other energy industry news from the UAE, Abu Dhabi National Oil Company (ADNOC) recently entered into a long-term agreement with Germany's EnBW to supply liquefied natural gas (LNG).
ADNOC will deliver 600,000 tonnes per annum of LNG to EnBW for a duration of 15 years from its Ruwais LNG project in Abu Dhabi.
