Sharjah National Oil Corporation (SNOC) has completed an agreement with Eni in order to acquire a 30 percent participating interest in Block 7 located in Ras Al Khaimah.
According to the statement, Block 7 extends over an area of 430 square kilometers 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 percent of block 7, SNOC 30 percent, and RAK Gas 10 percent.
Sheikh Mohammed bin Ahmed Al Qasimi, Vice Chairman of the Sharjah Petroleum Council, said that “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.”
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, stated that the deal marks SNOC’s inaugural investment outside the Emirate of Sharjah. Al Mosa 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, underscored that the partnership underscores a shared vision for harnessing Ras Al Khaimah’s natural gas resources.
Wood emphasized the collaborative efforts to build stronger links between the emirates, generate additional opportunities, and ensure energy security for communities.
