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 kilometers off the coast, according to a statement from Eni.
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Eni will operate 90 per cent of the block, while RAK Gas LLC will be in charge of the remaining 10 per cent.
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Earlier this year, Eni secured a deal on onshore exploration concession areas A, B & C in Sharjah, another city in the United Arab Emirates. It also agreed to pay $3.3 billion in cash for 20 percent of Abu Dhabi-based Adnoc Refining.
