RAK Petroleum Authority said that its licensing round for oil and gas concessions has received "positive interest on a global scale" and interest from international energy companies
“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, chief executive,RAK Petroleum Authority and CEO of RAK Gas.
The Ras Al Khaimah Petroleum Authority (RAKPA) came into existence on 1 April after the government passed a law to regulate the country's petroleum sector.
RAKPA launched a licensing round for four shallow water offshore blocks and three onshore blocks covering almost the entire emirate, where oil and gas remain underexplored.
Companies have until the end of this year to "register their interest" in the licensing round.
Petroleum rights from the round will be governed by a new exploration and production sharing agreement.
“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," Dighe said.
“Add to this a modern, investor-friendly business environment in one of the region’s most stable countries and an attractive Exploration and Production Sharing Agreement, Ras Al Khaimah represents an interesting and inviting opportunity for oil and gas companies,” Dighe added.
