SNOC inks agreement with Eni for oil and gas exploration in Ras Al Khaimah

Sharjah, May 9^th, 2024 – Sharjah National Oil Corporation (SNOC) has completed a transaction to acquire a 30% participating interest in Block 7, Ras Al Khaimah (RAK), from Italian energy company Eni. Covering an area of 430sqkm, Block 7 shares border with Sharjah and is actively being explored for oil and gas with ongoing drilling of an exploration well, Fennec-01. Following the transaction, Block 7 exploration is now owned 60% by Eni as Operator, 30% by SNOC and 10% by RAKGAS.

His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and President of SNOC, said: “This agreement with our partner Eni extends the existing collaboration between the two Emirates of Sharjah and Ras Al Khaimah. We look forward to the drilling results and to delivering further progress and growth in due course.”

Sheikh Ahmed bin Saud Al Qasimi, Chairman of the RAK Petroleum Authority, said: “This collaboration between Ras Al Khaimah, Sharjah, and Eni reinforces our shared commitment to driving energy sector growth through strategic partnerships, and fueling further development in the region.”

The agreement expands SNOC’s existing partnership with Eni, which has been conducting activities in Sharjah over the past five years, leading to the discovery of the Mahani gas condensate field and the identification of several new exploration opportunities.

The transaction is also a natural progression given the close working relationship with both Eni and RAKGAS and the many synergies between Sharjah and Ras Al Khaimah in terms of energy infrastructure development in the country.

Hatem Al Mosa, Chief Executive Officer of SNOC, commented: “I am pleased to complete this historic deal where SNOC will participate together with Eni and RAKGAS in the exploration of Block 7. In addition to being the first investment outside Sharjah, this also builds on the excellent relationship between the two Emirates of Sharjah and Ras Al Khaimah.”

Chris Wood, Chief Executive of the RAK Petroleum Authority and CEO of RAKGAS, added: “The synergy between SNOC, Eni, and RAKGAS in Block 7 represents a shared belief in the potential of Ras Al Khaimah’s natural gas resources. Together, we’re building stronger ties between the Emirates, creating opportunities, and ensuring energy security for our communities”.