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 6423 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
Global brands with lowest cost at Karama Ware house sale from this Thursday [30866-Views]
Glam's Makeup Launches in the Middle East [17129-Views]
Review: Facial with Dr Renaud's range at Nazih [16488-Views]
Glasshouse Collection from Olivia Burton [15470-Views]
Hour Choice presents Coach New York Collection [12767-Views]
Prevention, Not Cure: Kaya's ‘Hair Strength Therapies' Set to Rid the Gulf of its Hair Pro... [12542-Views]
Matthew Fitzpatrick Wins the 2018 Omega European Masters [11242-Views]
Executive Tourbillon Free Wheel [11139-Views]
Introducing New Make-up From Rodial That You Need In Your Kit [10962-Views]
Australia's Number No.1 Natural Skincare Brand* Partners With Jessica Kahawaty [10742-Views]
Rado reimagines a bold 1960s classic for the 21st Century [8814-Views]
Scuderia Ferrari presents Fall winter collection [8662-Views]
Kate Spade New York Presents Debut Collection From Creative Director Nicola Glass at the ... [7906-Views]
Introducing VK Beauty Lounge & Bar [7637-Views]
Alina Anwar Couture Launches in UAE [7168-Views]
Introducing Home Fragrance at Robinsons, Dubai Festival City [7131-Views]
Rolls-Royce Motor Cars Takes the Luxury of Privacy to a New Level [6551-Views]
British Classics Make a Comeback in Jack Wills AW18 Collections [6521-Views]
Tata Communications Strengthens Cyber Defence in the Middle East with the Launch of its Cy... [6515-Views]
Facebook Launches Community Help on Facebook Lite [6405-Views]
NARS Erdem SS19 Beauty Report [6130-Views]
Bring a Touch of Sophistication to Your Home with The Exclusive SmegXDolce&Gabbana Collect... [6002-Views]
Dubai Culture Organises ‘Writing Literature Novels and Editing them as Play Scripts' as pa... [5917-Views]
Roberto Cavalli's Exclusive Duo of Fragrances [5789-Views]
Defying Age With Skin Republic's Gold and Platinum Face Masks [5630-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories