Sharjah National Oil Corporation (SNOC) has recently announced the completion of a deal to acquire a 30% participating interest in Block 7 in Ras Al Khaimah from Eni. This block covers an area of 430 square kilometres and is actively involved in oil and gas exploration through the drilling of an exploratory well known as Fennec-01. With this deal, Eni retains 60% ownership of the block while RAK Gas holds the remaining 10%.
The agreement with Eni is seen as a step towards enhancing cooperation between the emirates of Sharjah and Ras Al Khaimah. Sheikh Mohammed bin Ahmed Al Qasimi, Vice Chairman of the Sharjah Petroleum Council, expressed optimism about the partnership and anticipates significant progress in drilling activities in the near future. This collaboration is expected to yield positive outcomes for both parties involved.
The Chairman of the RAK Petroleum Authority, Sheikh Ahmed bin Saud bin Saqr Al Qasimi, highlighted the importance of partnerships in promoting growth in the energy sector. By working together with Eni and Sharjah, Ras Al Khaimah aims to strengthen its position in the industry and create strategic alliances that lead to further development in the region. The cooperation is viewed as a crucial step towards achieving long-term success.
Hatem Al Mosa, Executive Director of SNOC, emphasized the significance of this deal as it marks SNOC’s first investment outside of Sharjah. This agreement solidifies the ties between Sharjah and Ras Al Khaimah and sets the stage for future collaborations in the energy sector. By expanding its reach beyond Sharjah, SNOC is positioning itself for growth and diversification in the oil and gas industry.
Chris Wood, CEO of Ras Al Khaimah Petroleum Authority and RAK Gas, underscored the shared vision for leveraging Ras Al Khaimah’s natural gas resources through this partnership. The collaborative efforts between the emirates aim to strengthen connections, create new opportunities, and ensure energy security for local communities. By working together, the entities involved are prioritizing sustainable growth and development in the region.
Overall, the acquisition of a 30% stake in Block 7 by SNOC signifies a significant milestone for the company and reflects its commitment to expanding its presence in the energy sector. The partnership with Eni and RAK Gas is expected to drive innovation, exploration, and development in Ras Al Khaimah, ultimately contributing to the growth of the energy industry in the region. This collaboration sets a positive precedent for future investments and partnerships in the area.
