Eni to Prospect in Ras Al Khaimah Offshore Block
18 April 2019 - 8:17PM
Dow Jones News
By Nathan Allen
Eni SpA (ENI.MI) said Thursday that it has signed an agreement
with the government of Ras Al Khaimah to explore for oil in waters
off the northernmost of the United Arab Emirates.
The exploration-and-production sharing agreement is for the
emirate's Block A offshore area, which covers just over 2,400
square kilometers, Eni said.
The Italian oil major said it would take a 90% stake in the
block and act as operator, while Ras Al Khaimah's national oil
company RAK GAS, will hold the remaining 10% equity.
Eni didn't disclose financial details of the deal.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
April 18, 2019 06:02 ET (10:02 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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