RAK oil exploration tender 'draws positive interest'
RAS AL KHAIMAH, May 30, 2018
The tendering process to explore oil and gas resources in Ras Al Khaimah has received positive interest from global firms, a statement from RAK Petroleum Authority has said.
Launched on April 1, 2018 and managed by the newly established RAK Petroleum Authority 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 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.
Ras Al Khaimah has proven hydrocarbon reserves in place, easily accessible existing infrastructure, attractive production sharing terms and commercialisation plans, the statement said.
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.
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 2,200 sq km of new 3D seismic, acquired in 2018, will be a game changer in creating regional understanding and unlocking Ras Al Khaimah's 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.
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.
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." - TradeArabia News Service
