International oil companies being given chance to build their portfolios in the UAE, says RAK Gas chief
The Government of Ras Al Khaimah (RAK) on Monday announced the official launch of its 2018 petroleum licensing round and the establishment of the new Ras Al Khaimah Petroleum Authority.
The authority will act as the regulator responsible for the licensing round tendering process and ongoing management of petroleum rights, the government said in a statement.
It added that the licensing round, supported by RAK’s national oil company, RAK Gas, offers seven contract areas, including four shallow water offshore blocks and three onshore blocks and covering almost the entire emirate.
The blocks on offer include highly prospective exploration opportunities, an undeveloped oil discovery, and a mature gas condensate redevelopment opportunity.
"There is access to existing petroleum infrastructure, including pipelines and oil and gas processing facilities, as well as access to international oil markets and local gas markets," the statement said.
The licensing round, which is RAK’s first, expects to receive bids in November, with data rooms now available for reservation in RAK and London.
Nishant Dighe, CEO of RAK Gas, said: “We are encouraging international oil companies to take advantage of this rare opportunity to build their portfolios in the UAE.
"Ras Al Khaimah has significant remaining oil and gas potential within its diverse petroleum geology - in both the onshore and offshore acreage. All offshore blocks have recently been covered by a new multiclient broadband 3D seismic survey which is available for viewing.
"The petroleum rights will be governed by a modern, investor-friendly, Exploration and Production Sharing Agreement, making Ras Al Khaimah a very attractive place to explore for, and produce, oil and gas."For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.