Following the deal, Eni, as operator, owns 60% of block 7, while SNOC owns 30%, and RAKGas owns 10%.
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, and it is expected to see exceptional results in drilling and achieving further progress and growth in the near future.
Sheikh Ahmed bin Saud bin Saqr Al Qasimi, Chairman of the RAK Petroleum Authority, stressed that the joint cooperation between Ras Al Khaimah, the Emirate of Sharjah, and Eni contributes to supporting and stimulating the growth of the energy sector through strategic partnerships, which enhances further growth in the region.
The partnership enhances the existing cooperation between SNOC and Eni, which continued its activity in Sharjah over the past five years until the discovery of the “Mahani” Gas and Condensate Field, and the identification of many new opportunities for exploration.
The deal also represents a natural development given the close relationship with Eni and RAK Gas, and the cooperation between Sharjah and Ras Al Khaimah in developing the energy infrastructure in the UAE.
Hatem Al Mousa, Executive Director of SNOC, confirmed that he is pleased with the completion of this historic deal, as SNOC will participate with Eni and RAK Gas in exploring Block 7, in addition to being SNOC’s first investment outside the Emirate of Sharjah. He added that the deal also strengthens the relationship between the emirates of Sharjah and Ras Al Khaimah.
Chris Wood, CEO of Ras Al Khaimah Petroleum Authority and RAK Gas, added that the collaboration between SNOC, Eni and RAK Gas in Block 7 represents a shared belief in the potential of Ras Al Khaimah’s natural gas resources. Wood added that work aims to build stronger links between the Emirates, to create more opportunities and ensuring energy security for communities.
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