Search DubaiPRNetwork.com

Home >> Energy and Industry

Government of Ras Al Khaimah Launches Petroleum Licensing Round

Monday, April 2, 2018/ Editor -  

Share

Home >> Energy and Industry

Ras Al Khaimah, United Arab Emirates, 2 April 2018:  The Government of Ras Al Khaimah has announced the official launch of RAK’s 2018 petroleum licensing round (the “Licensing Round”) and the establishment of the new Ras Al Khaimah Petroleum Authority – the regulator responsible for the Licensing Round tendering process and ongoing management of petroleum rights.  

These actions reflect the vision of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, regarding the development of the Emirate and its natural resources. The Licensing Round is being supported by RAK’s national oil company, RAK Gas. 

The Licensing Round 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 petroleum rights will be governed by a new Exploration and Production Sharing Agreement.

The Licensing Round, which is RAK’s first, expects to receive bids in November 2018.  Data rooms are now available for reservation in RAK and London.

Nishant Dighe, Chief Executive Officer 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”.

 


Previous in Energy and Industry

Next in Energy and Industry


Home >> Energy and Industry Section

Latest Press Release

Belinda Bencic upsets Petra Kvitova to win Dubai Duty Free Tennis Championships ...

Expo Centre in Didacta 2019 - Germany to promote for the International Education ...

Year of Tolerance logo inspires ADU's new Al Ain campus design

The Dubliners St. Patrick's Day

‘Take Water. Give Life'

Ireland Claims CSI2* Longines Grand Prix Win on Day 3 of President's Cup

Get closer- your makeup is invisible with Make Up For Ever's New Ultra HD Concea ...

Research finds increased sulfur metabolism is a likely survival mechanism for na ...

Pakistan International Airlines launches bi-weekly flights to Al Ain Internation ...

Galaxy S10 series now available for pre-order in the UAE

Modest Fashion Week Returns to Dubai for 2019

Three New Breitling Watches Commemorate an Aviation Legend: The Curtiss P-40 Wa ...

The Emirates A380 to take centre stage at the Saudi International Airshow

Dubai Customs ties strategy to the 8 principles of governance

Super Six as Pogacar picks up top spot in Portugal

Ibn Battuta Mall hosts Pink Caravan clinic to raise awareness about breast cance ...

Ras Al Khaimah Ruler to present inaugural Sheikh Saud bin Saqr Al Qasimi Interna ...

Splash launches Adaptive Collection for People of Determination

Key Trends of Spring/Summer 2019 and How to Wear Them

Lucky Number Five for UAE In FEI Longines Jumping Nations Cup™ Draw