Eni signs offshore exploration deal with Ras Al Khaimah

Ras Al Khaimah: Eni SpA has signed an exploration and production agreement with the emirate of Ras Al Khaimah, a further push by the Italian company into the Middle East.

The deal between the Rome-based hydrocarbons producer and RAK Petroleum Authority will cover Block A, which includes an area of 2,412 square kilometres off the coast, according to a statement from Eni.

Eni will operate 90 per cent of the block, while RAK Gas LLC will be in charge of the remaining 10 per cent.

Earlier this year, Eni secured a deal on onshore exploration concession areas A, B & C in Sharjah. It also agreed to pay $3.3 billion (Dh12.1 billion) in cash for 20 per cent of Abu Dhabi-based Adnoc Refining.