Global Interest in Bidding for Oil and Gas Exploration in Ras Al Khaimah May 23,2018
The RAK Petroleum has announced the interest of many international companies in bidding for oil and gas exploration in the emirate of Ras Al Khaimah.
The interest comes as a result of the proven hydrocarbon reserves in place, diverse exploration locations, easily accessible existing infrastructure, attractive production sharing terms and commercialization plans, plus a team of international experts already working on the ground.
Launched in 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 both in the UAE and UK.
The newly established RAK Petroleum Authority is managing the licensing round in accordance with the directives of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member 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 stable territory.”
The 2,200 sq. km of the new 3D seismic, acquired in 2018 will create regional understanding and unlocks 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.
Dighe said: "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. Through the development of a unique production and exploration agreement, Ras Al Khaimah offers an amazing and wonderful opportunity for oil and gas companies.”