Eni inks EPSA deal with RAK Petroleum
Italian multinational oil and gas company, Eni, has signed an Exploration and Production Sharing Agreement (EPSA) deal with United Arab Emirates’ Ras Al Khaimah, RAK Petroleum for its Block A offshore.
Block A measures in kilometres – an area of 2,412 km2 – with water depths ranging from 10 to 90 metres from the offshore in Ras Al Khaimah.
As agreed on paper, Eni will take charge of proceedings as an operator with a 90 per cent participating interest, while RAK GAS muscles up as a partner with a 10 per cent stake.
In the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, the EPS agreement was signed between Eni and Nishant Dighe, CEO of the RAK Petroleum Authority.
With Eni’s presence in Oman, Lebanon, Iraq and Bahrain, this entry into Ras Al Khaimah further deepens the Italian major’s reach in the Emirates, considering their presence in Abu Dhabi and Sharjah.
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