GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

The recently launched licensing round has proven a draw with companies from all over the world thanks to the unique, overall proposition on offer

Ras Al Khaimah, United Arab Emirates, 23, May 2018:  With proven hydrocarbon reserves in place, diverse exploration plays, easily accessible existing infrastructure, attractive production sharing terms and commercialization plans, plus a team of international experts already working on the ground, the tendering process to explore for oil and gas resources in Ras Al Khaimah has received positive interest on a global scale.

Launched on 1 April 2018 to attract regional and international companies aiming to expand their portfolios in the UAE, the 2018 RAK Licensing Round is proving to be popular, with many firms already 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 licensing round in accordance with the directives of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah.

“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, the Chief Executive of the RAK Petroleum Authority, who is also CEO of RAK Gas.

The licensing 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. 

Surrounded by very large producing oil and gas fields, Ras Al Khaimah has multiple working petroleum systems.

Exploration opportunities are present from the Jurassic to the Tertiary, and in both structural and stratigraphic traps settings. However, it still remains an underexplored province. 

The 2,200sq km of new 3D seismic, acquired in 2018 will be a game changer in creating regional understanding and unlocking Ras Al Khaimah exploration potential.

This cutting-edge broadband 3D seismic will also greatly reduce exploration time.

Data rooms have been set up in RAK and London and are available to view by reservation, with plenty of companies already reviewing the expansive array of data. 

Firms can also leverage existing petroleum infrastructure including pipelines and processing facilities, as well as ease of access to international and local markets.

Petroleum rights will be governed by a new Exploration and Production Sharing Agreement. 

Mr. Dighe added: “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.

“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.”

 



Posted by : GoDubai Editorial Team
Viewed 7149 times
Posted on : Wednesday, May 23, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : RDIF, Mubadala Petroleum and Gazprom Neft announce a joint venture to develop Siberian oil fields
Next Story : Big Oil Production Is Still Growing Despite Capex Cuts
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
BodyO launches officially its AiPod for a full body check-up during the Gitex Fu...
The World of Aigner Wunderkammer
Halloween “Catwoman” mask using BROW products
Fifi & Friends - Now available at more outlets across the UAE
Win up to 250,000 Gold coins at Malabar Gold & Diamonds this festive season
Corum Heritage Eleganza- Dedicated to the stylish woman
Michael Kors to Introduce a Special-edition Whitney Handbag for the Middle East
BOLLYWOOD PARKS™ Dubai introduces 11 new shows with a new line up of performance...
Hour Choice presents Coach Park Collection (Suede straps)
Dubai's newest social hub - Bar Baar introduces ‘Thela Baar Brunch'
Sunglasses Trends for Fall/Winter 2018
Scuderia Ferrari Aspire Watch Special Edition Gift Set
Dubai Shopping Festival Returns With Much-awaited Mega Raffles
Saddle Up With kate spade Fall 2018
Neymar Jr. Partners With GaGà Milano as Brand Ambassador
CITIZEN Unveils 100th Anniversary Limited Edition Collection
Rado DiaMaster Ceramos Automatic
Trust Corine de Farme for Sulfate-Free Baby Products
L'oréal Among the Top 10 of Thomson Reuters Diversity & Inclusion Index
W Motors and Safe City Group introduce the BEAST PATROL at GITEX: One of the mo...
Introducing the Nokia 7.1 to the UAE
Malabar Gold & Diamonds partners with NBF for the second NBF Fujairah Run
Be Thankful with Tub of Butter This Thanksgiving
Sharjah Government pavilion highlights digital transformation of Sharjah at GITE...
HUGO BOSS Watches Jump Collection
Tissot Bella Ora Round Style incarnate
8 Jours Grande Taille a modern take on a classic timepiece
Toyota's legendary King goes urban with the 2019 Land Cruiser Grand Touring Edition
Nissan to Make Official On-track Formula E Debut
Tazio Nuvolari – Time is legend
Western Digital powers AI-enabled storage for futuristic surveillance and security
Cell Phones, Sporting Goods, and Soon, Cars: Ford Innovates with “Miracle” Mater...
Lacoste Kyoto Collection
Rado HyperChrome Diamonds
Golden Bridge Titane Dlc: The Clash Of The Titans
Happy Anniversary – Celebrating 30 years of the Regulator!
Baroncelli Big Date collection from Mido
Dubai Festival City Run 2018 to take place on November 9th
Eberhard & Co. Presents Scafograf 100
Avivo's Ribbon of Life Walk in support of Breast Cancer on 19th October
Healthcare leaders sign in Dubai a Call for Action to raise awareness about ‘sil...
Epson Introduces the New A3 and A4 business inkjet aimed at busy workgroups duri...
Daikin eyes significant expansion of business in the UAE
Dubai Business Women Council witnesses 36.5% growth in total membership since th...
Synx, Pand.ai, and AIMLedge named winners of startAD's Artificial Intelligence V...
Jeddah Airport delegation applauds Dubai Customs' experience in facilitating tra...
Roger Dubuis opens a new boutique in Monaco
Motiongate Dubai's Fright Nights Offers Something for Everyone this Halloween
National Day Camel Marathon set to take place in February
#MyDubai Competition offers Expatriates the Chance to Win a Trip for their Frien...