Ras Al Khaimah has announced the official launch of its petroleum licensing round and the establishment of the northern emirate's regulator responsible for the licensing round tendering process and ongoing management of petroleum rights.

The Government of Ras Al Khaimah has announced the official launch of RAK’s 2018 Petroleum Licensing Round and the establishment of the new Ras Al Khaimah Petroleum Authority, the regulator responsible for the Licensing Round tendering process and ongoing management of petroleum rights.

The Licensing Round offers seven contract areas, including four shallow water offshore blocks and three onshore blocks and covering almost the entire emirate, reported state news agency Wam.

The blocks on offer include highly prospective exploration opportunities, an undeveloped oil discovery, and a mature gas condensate redevelopment opportunity, it stated.

The licensing round is being supported by Ras Al Khaimah’s national oil company RAK Gas.

There is access to existing petroleum infrastructure, including pipelines and oil and gas processing facilities, as well as access to international oil markets and local gas markets. The petroleum rights will be governed by a new Exploration and Production Sharing Agreement, said the Wam report.

The Licensing Round, which is RAK’s first, expects to receive bids in November 2018. Data rooms are now available for reservation in RAK and London.

RAK Gas CEO Nishant Dighe said: "We are encouraging international oil companies to take advantage of this rare opportunity to build their portfolios in the UAE. Ras Al Khaimah has significant remaining oil and gas potential within its diverse petroleum geology - in both the onshore and offshore acreage."

"All offshore blocks have recently been covered by a new multi-client broadband 3D seismic survey which is available for viewing. The petroleum rights will be governed by a modern, investor-friendly, Exploration and Production Sharing Agreement, making Ras Al Khaimah a very attractive place to explore for, and produce oil and gas," he added.-TradeArabia News Service