The tendering process to explore oil and gas resources in Ras Al Khaimah has received a positive interest on a global scale.
The newly established RAK Petroleum Authority is managing the licensing round in accordance with the directives of His Highness Shaikh Saud Bin Saqr Al Qasimi, Member of the Supreme Council and 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, the Chief Executive of the RAK Petroleum Authority, who is also the CEO of RAK Gas.
The licensing process covers seven contract areas including four shallow water offshore blocks and three onshore blocks and the process will remain open to interested parties until later this year.
Petroleum rights will be governed by a new exploration and production sharing agreement.
The seven blocks available for exploration have great potential for as yet untapped hydrocarbons due to the unique geology of RAK, a result of the Hajar Mountains uplift and existing oil and gasfields in proximity, Dighe added.
The development comes as the Government of Ras Al Khaimah brings a new law to regulate the petroleum sector to ensure the protection, recovery and commercial utilisation of petroleum resources for the benefit of the economy. Central to the law and its objectives is the creation of the Ras Al Khaimah Petroleum Authority (RAKPA), the competent authority to regulate the petroleum sector in the emirate.
Source: Gulf News