UAE’s emirate Ras Al Khaimah announced the launch of its first petroleum licensing round and said it will set up an authority to regulate the tendering process.
The licensing round offers seven contract areas, including four shallow water offshore blocks and three onshore blocks, covering almost the entire emirate,” said Ras Al Khaimah’s government in a statement.
“The blocks on offer include highly prospective exploration opportunities, an undeveloped oil discovery, and a mature gas condensate redevelopment opportunity,” the statement said.
The government said that it expects to receive bids in November this year for the petroleum rights, which will be governed by a new Exploration and Production Sharing Agreement, cited to be “modern and investor-friendly.” These are being supported by RAK’s national oil company, RAK Gas.
“We are encouraging international oil companies to take advantage of this rare opportunity to build their portfolios in the UAE,” said Nishant Dighe, RAK Gas CEO. “Ras Al Khaimah has significant remaining oil and gas potential within its diverse petroleum geology - in both the onshore and offshore acreage.”
Dighe said all of the offshore blocks have recently been covered by a new multiclient broadband 3D seismic survey which is available for viewing.
The emirate’s existing petroleum infrastructure includes pipelines and oil and gas processing facilities.