The subsidiary of Italian oil major Eni, Eni RAK, will operate Block 7 located onshore of Ras Al Khaimah in the United Arab Emirates (UAE) with a 90% participating interest, Eni announced Monday.
Eni RAK will act as an operator and Ras Al Khaimah’s National Oil Company RAK Gas will own the remaining 10% stake of Block 7 covering an area of 430 square kilometers.
'The newly acquired 3D seismic will allow the joint venture to assess the geological setting of the area and eventually unlock its hydrocarbon potential. The presence of the existing gas processing facilities in the Emirate would also allow rapid development of any discoveries,' the company said in a statement.
Eni is currently operating the Offshore Block A in the Emirate of Ras Al Khaimah where, after an initial geological and geophysical study period, the company started preparations for drilling operations.
The acquisition of Block 7 represents another step in Eni’s positioning in the Middle East and in the UAE in particular, where Eni holds the largest exploration acreage among the international oil companies present in the country with more than 26,000 square kilometers gross. This comprises eight exploration blocks onshore and in shallow waters offshore across the Emirates of Abu Dhabi, Ras Al Khaimah and Sharjah, the company said.
By Sibel Morrow