DUBAI (Reuters) - The government of the United Arab Emirates’ Ras Al Khaimah launched its first petroleum licensing round on Monday in a drive to develop the emirate’s natural resources and open up the sector to international oil companies.
The licensing round offers seven areas, including four shallow water offshore blocks and three onshore blocks, the Ras Al Khaimah (RAK) government said in a statement.
“The blocks on offer include highly prospective exploration opportunities, an undeveloped oil discovery, and a mature gas condensate redevelopment opportunity,” the RAK government said.
The round will offer access to existing petroleum infrastructure, including pipelines and oil and gas processing facilities, RAK said.
Bids for the licensing round are expected to be received in November 2018. A new exploration and production sharing agreement will govern the petroleum rights for the round.
“Ras Al Khaimah has significant remaining oil and gas potential within its diverse petroleum geology - in both the onshore and offshore acreage,” Nishant Dighe, Chief Executive Officer of national oil company RAK Gas said in the statement.
RAK is one the UAE’s seven emirates. Abu Dhabi is the capital of the UAE, holding the majority of the country’s oil and gas reserves.
Reporting by Rania El Gamal, editing by David Evans