With the ongoing drilling of an exploratory well known as Fennec-01, Block 7 in Ras Al Khaimah, which spans an area of 430 square kilometers and sees significant activity in oil and gas exploration, has been acquired by Sharjah National Oil Corporation (SNOC) from Eni for a 30% participating interest.
After the deal, SNOC will own 30% of block 7, RAK Gas will own 10%, and Eni will own 60% as the operator.
According to Sheikh Mohammed bin Ahmed Al Qasimi, Vice Chairman of the Sharjah Petroleum Council, the agreement with Eni intends to strengthen ongoing cooperation between the emirates of Sharjah and Ras Al Khaimah. Shortly, outstanding drilling results and more advancements are anticipated.
The chairman of the RAK Petroleum Authority, Sheikh Ahmed bin Saud bin Saqr Al Qasimi, emphasized that through strategic partnerships, Ras Al Khaimah, Sharjah, and Eni work together to support and stimulate the growth of the energy sector, which in turn promotes further growth in the region.
According to SNOC Executive Director Hatem Al Mosa, this transaction is the company’s first venture outside of the Emirate of Sharjah. He added that the accord strengthens the ties that bind Sharjah and Ras Al Khaimah.
The collaboration, according to Chris Wood, CEO of RAK Gas and the Ras Al Khaimah Petroleum Authority, highlighted a common goal for utilizing the natural gas resources of Ras Al Khaimah.
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