Ras Al Khaimah signs new exploration and production agreement
The Government of the Emirate of Ras Al Khaimah announced today that it had concluded a concession agreement with RAK Petroleum Al Khaleej Limited, a wholly owned subsidiary of RAK Petroleum PCL, granting it a 25-year petroleum concession in the Emirate.
“We are pleased that a company that bears the name Ras Al Khaimah will have the opportunity to explore for and hopefully develop the hydrocarbon resources of our Emirate,” declared Sheikh Saud bin Saqr al Qasimi, Crown Prince and Deputy Ruler of the Emirate of Ras Al Khaimah.
The new concession covers an area of 850 km2 on the onshore RAK coastal plain and near shore transition zone. RAK Petroleum intends to target Lower Cretaceous carbonate reservoirs in deep foreland basin structures that follow a structural trend parallel to the fold belt as well as Palaeozoic reservoirs in the northern part of the concession area. The company plans to commence a fast track seismic campaign in 2009.
“We believe that Ras Al Khaimah is both under explored and prospective. This concession is a natural addition to our portfolio of regional assets,” said Bijan Mossavar-Rahmani, Chairman of the Executive Committee and Managing Director of RAK Petroleum PCL. The company currently has interests in four blocks in the United Arab Emirates and five in the Sultanate of Oman, all of which it operates.