Encouraging and positive response reported from many international companies eager to explore RAK's oil and gas potential
The RAK Petroleum Authority has announced that international companies have expressed an interest in bidding for oil and gas exploration concessions in Ras Al Khaimah.
Launched on April 1 to attract regional and international companies aiming to expand their portfolios in the UAE, the 2018 RAK Licensing Round is proving to be popular, state news agency WAM reported.
The newly established RAK Petroleum Authority is managing the licensing round in accordance with the directives of Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah.
"The licensing round has successfully generated an encouraging and positive response from many international companies eager to explore Ras Al Khaimah’s oil and gas potential," said Nishant Dighe, CEO of the RAK Petroleum Authority and RAK Gas.
The licensing process covers seven contract areas that span almost the entire emirate of Ras Al Khaimah including four shallow water offshore blocks and three onshore blocks.
The process remains open to interested parties until later this year.
Data rooms have been set up in RAK and London to view the 2,200 sq km concessions.
Dighe said: "In addition to the wealth of seismic data available from the surveys already undertaken, the unique geology of RAK, a result of the Hajar Mountains uplift, and existing oil and gas fields in close proximity, means the seven blocks available for exploration have great potential for as yet untapped hydrocarbons."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.