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Agricultural Development Bank of China
CLASS

Eni to further grow in the Emirates with new permits in Ras al Khaimah

April 20, 2021


Abstract : The offshore Block 7 has been assigned to the Group that will have a 90% stake together with the national company RAK Gas. The presence of gas processing infrastructures in the Emirate with available capacity will allow the company to rapidly put into production any discoveries

MILAN, April 19 (Class Editori) -- Geopolitics keeps driving Eni’s expansion plan. In fact, the Group will further enhance its presence in the most stable area of the Gulf: today news has reported the assignation of a new offshore block based in Ras Al Khaimah through the subsidiary Eni RAK. The new production and exploration contract has been signed by Eni RAK's Chairman, Fuad Krekshi, and by Ras Al Khaimah Petroleum Authority's CEO, Nishant Dighe. The Sheik Saud bin Saqr al-Qasimi, member of the Federal Supreme Council of the United Arab Emirates and Ruler of the Emirate of Ras Al Khaimah, attended the signing.

Block 7 covers a 430-square-kilometer wide area. Eni RAK will be the operator, with 90% participating interest, together with the national company RAK Gas, holding the remaining 10%. The presence of gas processing infrastructures in the Emirate with available capacity will allow the company to rapidly put into production any discoveries.

Eni is already present in the Emirate of Ras Al Khaimah and runs the offshore Block A where, after an initial phase of study and re-elaboration of geophysical data, preparation for exploratory drilling is starting. The acquisition of Block 7 represents a further step in Eni's positioning in the Middle East and, in particular, in the United Arab Emirates. Here, the Group led by CEO Claudio Descalzi already holds the largest exploration area among the international companies in the region: over 26,000 square kilometers and a total of 8 onshore and offshore exploration blocks in the shallow waters of the Emirates of Abu Dhabi, Ras Al Khaimah and Sharjah. On the Stock Exchange, Eni's share price is currently down 0.39% at 10.31 euros.

(Source:Class Editori)

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Keyword: expansion

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