RAK oil and gas concessions attract regional, global interest
Times News Service
MUSCAT: The tendering process to explore for oil and gas resources in Ras Al Khaimah has received positive interest on a global scale.
This is on the back of proven hydrocarbon reserves in place, diverse exploration plays, easily accessible existing infrastructure, attractive production sharing terms and commercialisation plans, plus a team of international experts already working on the ground in Ras Al Khaimah (RAK).
Launched on April 1, 2018, to attract regional and international companies aiming to expand their portfolios in the UAE, the 2018 RAK licencing round is proving to be popular, with many firms taking advantage of the data rooms being facilitated by RAK’s national oil company, RAK Gas.
The newly established RAK Petroleum Authority is managing the licencing round in accordance with the directives of Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah.
“The licencing 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, Chief Executive of the RAK Petroleum Authority, who is also CEO of RAK Gas.
The licencing process covers seven contract areas that span almost the entire emirate of Ras Al Khaimah—these include four shallow water offshore blocks and three onshore blocks. The process remains open to interested parties until later this year; meaning companies are still able to register their interest in entering this attractive and stable territory.