Abu Dhabi – Mubasher: The Government of Ras Al Khaimah (RAK) has announced the launch of its 2018 petroleum licensing round and the establishment of the emirate’ new petroleum authority.
The fresh authority will be responsible for the licensing round tendering process and the management of petroleum rights, according to an official statement.
The licensing round will be supported by RAK’s national oil company, RAK Gas, and will offer seven contract areas –four shallow water offshore blocks and three onshore blocks – covering almost the entire emirate.
“Bids for the licensing round are expected to be received in November 2018. A new exploration and production sharing agreement will govern the petroleum rights for the round,” Reuters reported.
The round will provide companies with an access to present petroleum infrastructure, including pipelines and oil and gas processing facilities, RAK announced.
“Ras Al Khaimah has significant remaining oil and gas potential within its diverse petroleum geology - in both the onshore and offshore acreage,” RAK Gas’ CEO Nishant Dighe said.
