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.
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