{"id":91869,"date":"2024-05-10T00:00:00","date_gmt":"2024-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/snoc-takes-30-stake-in-rak-block-7\/"},"modified":"2024-05-10T00:00:00","modified_gmt":"2024-05-10T00:00:00","slug":"snoc-takes-30-stake-in-rak-block-7","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/10\/snoc-takes-30-stake-in-rak-block-7\/","title":{"rendered":"Snoc takes 30% stake in RAK Block 7"},"content":{"rendered":"

The Sharjah National Oil Corporation (Snoc) snapped up a 30% stake in Ras Al <\/strong>Khaimah\u2019s Block 7 <\/strong>from Italian energy company Eni, marking its first investment outside Sharjah, it said on LinkedIn<\/a>. The acquisition is part of a production sharing agreement between the two entities and Ras Al Khaimah\u2019s National Oil Company (RAK Gas) to develop the oil and gas exploration site. The value of the transaction was not disclosed.<\/p>\n

About the block: <\/strong>Block 7 covers some 430 sq km of land and has seen \u201cnotable\u201d oil and gas exploration activity, including the ongoing drilling of an exploration well dubbed Fennec-01, according to details of the acquisition picked up by <\/span>Gulf News<\/a>.<\/span><\/p>\n

Background: <\/strong>Eni was awarded Block 7 in the onshore of Ras Al Khaimah back in April 2021<\/a>. The company acted as the operator of the block with a 90% participating interest, with RAK Gas as a partner with a 10% stake.<\/p>\n

The new split: <\/strong>After the acquisition, Eni will hold 60% of the exploration rights to Block 7 alongside Snoc\u2019s 30%, while RAK Gas clenches 10%, reports Gulf News<\/a>. Eni also remains the operator of the site.<\/p>\n

It\u2019s not Snoc and Eni\u2019s first tag team:<\/strong> Snoc and Eni inked a 30 year partnership in January 2019<\/a> to explore and develop onshore oil and gas fields across three areas onshore Sharjah, after the Italian firm won the emirate\u2019s first ever competitive bidding process for oil and gas concessions. The two kicked off production start-up from the Mahani field (concession area B) in January 2021<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition marks Snoc's first investment outside Sharjah<\/p>\n","protected":false},"author":1,"featured_media":91870,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[60,266,534],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-ma-watch","tag-oil-and-gas","tag-ras-al-khaimah","wpautop","entry"],"acf":{"mongo_id":"208947d4-b44d-43d7-b0e5-ac2719cb2f8e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/675.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Snoc takes 30% stake in RAK Block 7","related_issue":[91863],"teaser":"The acquisition marks Snoc's first investment outside Sharjah","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.29038e62-64c7-43df-ac71-3eed1493bb20.mp3"},"yoast_head":"\nSnoc takes 30% stake in RAK Block 7 - 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