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Italian major Eni has swooped for extensive acreage offshore the UAE’s Ras al-Khaimah emirate as it continues to rack up a sizeable Middle East portfolio. The company has capitalized on notable North African exploration successes to farm out stakes to fund a major Middle East expansion ( MEES, 18 January ).
Long a peripheral part of Eni’s portfolio with oil output of just 40,000 b/d in 2017 all from Iraq, the firm’s entry into two Abu Dhabi offshore concessions last year ( MEES, 16 March 2018 ) bumped this up to a record 67,000 b/d for 2018. With new exploration assets in Abu Dhabi, Oman, Bahrain, Sharjah and now RAK, Eni will be optimistic of further gains. (CONTINUED - 320 WORDS)