Dubai – Mubsaher: UAE-based RAK Gas has signed an oil and gas exploration agreement with the Revolutionary Government of Zanzibar.
This is the first oil and gas exploration project signed by Zanzibar since it enacted the Oil and Gas Upstream Act of 2016.
The production sharing agreement will be carried out by RAKGas’ international subsidiary RAKGas Zanzibar Limited, with Zanzibar Petroleum Development Company being a third party to the agreement, the UAE-based state-owned firm said in a statement on Monday.
“RAKGas is proud to be the company to enter into Zanzibar’s first-ever exploration project,” commented RAKGas International CEO Kamal Ataya.
The agreement will enable the parties to manage and execute oil and gas exploration and production operations at Pemba Zanzibar Block, which span 11,868 square metres, RAKGas highlighted.
