The government of Ras Al Khaimah launched its first petroleum licensing round for 2018 and established the regulator, Ras Al Khaimah Petroleum Authority, for the tendering process amid brisk drilling activity in the region
Seven contract areas including four shallow water offshore blocks and three onshore blocks will be part of the round, supported by state-owned RAK Gas.
The blocks on offer include an undeveloped oilfield and redevelopment of a mature gas field.
“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,” Nishant Dighe, CEO of RAK Gas, said.
Suppliers to energy companies including EnerQuip, which makes torque machines, told Oil Review Middle East.that it sees a 50 per cent jump in full-year revenue on the back of drilling activity in the Middle East. The company’s managing director Dave Clark that the region would remain a top priority for the company and that OPEC’s production cuts had not hurt its business to date.
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.
