Following the acquisition, Eni holds a 60 per cent stake of Block 7, SNOC 30 per cent and RAK Gas 10 per cent
Oil and gas producers Sharjah National Oil Corporation (SNOC) has acquired a 30 per cent participating interest in Ras Al Khaimah’s Block 7 from Italy’s Eni.
“The agreement with Eni aims to enhance continued cooperation between the emirates of Sharjah and Ras Al Khaimah. It is expected to see exceptional results in drilling and further progress in the near future,” said Sheikh Mohammed bin Ahmed Al Qasimi, vice chairman of the Sharjah Petroleum Council.
The oilfield extends over 430 square km and sees significant activity in oil and gas exploration with the ongoing drilling of an exploratory well called Fennec-01.
Sheikh Ahmed bin Saud bin Saqr Al Qasimi, chairman of the RAK Petroleum Authority said that the cooperation between Ras Al Khaimah, Sharjah, and Eni supports and stimulates the growth of the energy sector.
Following the acquisition, Eni holds a 60 per cent stake of Block 7, SNOC 30 per cent and RAK Gas 10 per cent. SNOC and Eni did not disclose the value of the deal.
The transaction marks SNOC’s inaugural investment outside Sharjah.
Founded in 2010, the state-owned oil firm discovered new gas reserves in the Al Hadiba field, located north of the Al Sajaa Industrial Area, in promising economically viable quantities.
The Al Hadiba is the fifth onshore field in Sharjah, in addition to the Al-Saja’a, Kahif, Mahani and Muayed fields.
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