Sharjah state energy firm SNOC has agreed to purchase a stake in prospective acreage in neighboring Ras al-Khaimah (RAK). It is acquiring 30% in Block 7 from Italian major Eni, which retains a 60% operating stake. RakGas holds the remaining 10%.
This is the second recent instance of Eni reducing its holdings in an Emirati gas project, after last year dropping its position at Abu Dhabi’s Ghasha sour gas concession from 25% to 10% (MEES, 12 April). The firm says it is re-focusing its investments on projects better able to supply European markets. (CONTINUED - 537 WORDS)
