Under the terms of the deal, Eni retains a 60 percent ownership stake and assumes the role of the operator
Sharjah National Oil Corporation (SNOC) has completed the acquisition of a 30 percent participating interest in Block 7 in Ras Al Khaimah from Eni.
Block 7 spans an area of 430 square kilometers and is a hub for oil and gas exploration.
Currently, an exploratory well named Fennec-01 is being drilled in the area.
Under the terms of the deal, Eni retains a 60 percent ownership stake and assumes the role of the operator.
Meanwhile, SNOC holds a 30 percent stake, and RAK Gas possesses a 10 percent stake in Block 7.
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Driving development through strategic partnerships
Sheikh Mohammed bin Ahmed Al Qasimi, vice chairman of the Sharjah Petroleum Council, expressed that the agreement with Eni aims to strengthen the ongoing cooperation between the emirates of Sharjah and Ras Al Khaimah.
The partnership…
