Media ININ Economy We Trust
Media In – Ras Al Khaimah 24 May 2018 /
RAK Petroleum has announced the interest of many companies in the world to bid for oil and gas exploration in Ras Al Khaimah.
In early April, the government of Ras Al Khaimah launched the “Oil Licensing Round” in 2018 to attract regional and international companies interested in expanding their activities in the UAE.
Several companies have expressed their willingness to apply for tenders using the data rooms provided by Ras Al Khaimah Gas and Oil Company in Ras Al Khaimah, both in the UAE and the UK.
“The licensing round has attracted a lot of interest, and many international companies that want to look at sites where there are opportunities to explore oil and gas in Ras Al Khaimah have responded,” said Nishant Degi, Chief Executive Officer of Ras Al Khaimah Petroleum and Ras Al Khaimah Gas Authority.
The licensing round covers seven locations covering almost the entire Emirate of Ras Al Khaimah, and includes four offshore and three land locations. Processes will remain available to companies wishing to apply until later this year, meaning that companies can still register to win exploration contracts.
Ras Al Khaimah has many large oil and gas fields around it, leading to multiple exploration systems. Multiple exploration opportunities are available, either in structural or class traps.
Companies can also benefit from the infrastructure available in the oil industry, including pipelines and refineries, as well as easy access to local and global markets.
The oil rights will be preserved through a new exploration and production agreement
