Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
Strong Global Interest in Tendering Process for Oil and Gas Concessions in Ras Al Khaimah, Reveals Rakpa Chief Executive
 

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 : Dubai PR Network Editorial Team
Viewed 4392 times
PR Category : Energy and Industry
Posted on : Wednesday, May 23, 2018  12:50:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : RDIF, Mubadala Petroleum and Gazprom Neft announce a joint v...
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
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
du Distributes Eid Gifts at Al Jalila Children's Hospital [11755-Views]
Al-Futtaim ACE celebrates Eid with exciting offers and activities [11291-Views]
Marchon Eyewear Summer 2018 Collections [11132-Views]
24 hour Mega Sale at Dalma Mall! [10962-Views]
GUESS Trend Alert | The Summer Blues [6600-Views]
Hair Rituel by Sisley Now available at Paris Gallery [6368-Views]
Splash's ‘Life After Fashion' Campaign Breathes New Life into Old Garments [6307-Views]
Beautiful Freaks [6027-Views]
Alfahim Announces New Three-year Partnership With UAE Triathlon Federation [5813-Views]
Danube Properties launches Dh550 million Lawnz project at International City, adding 1,064... [5600-Views]
Boss watches presents Master Collection [5423-Views]
Samsung Introduces Sunrise Gold and Coral Blue Editions for the Galaxy S9 and S9+ [5234-Views]
UAE Team Emirates Blend Youth and Experience as They Announce Line-up for Italian Showcase [5094-Views]
Back to the 90s with GUESS Originals [4868-Views]
Liali Jewellery gets the Capillary Technologies boost to enhance customer engagement [4862-Views]
RAYMOND WEIL Freelancer ACDC Limited Edition [4666-Views]
Shop and earn Skywards Miles at The Dubai Mall [4606-Views]
The Timekeeping Starts Now! [4465-Views]
The Rado True Open Heart Automatic [4368-Views]
Kitchen Design from a Single Source: GROHE Sets Holistic Design Accents with Its New Kitch... [4349-Views]
What's better than a good breakfast on your Birthday? One that is free! [4026-Views]
Nikai Group supports Al Noor Centre with assistive technology devices [3995-Views]
Tommy Hilfiger introduces latest SS18 women's watch collection [3959-Views]
Keep cool with Marks & Spencer's linen collection [3953-Views]
Realty exhibition brings plethora of investment opportunities for expat Indians [3874-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories