RAS AL KHAIMAH, United Arab Emirates, August 8, 2018 /PRNewswire/ --
Licensing round in Ras Al Khaimah attracting Indian companies with operations across the sub-continent and internationally
Ras Al Khaimah Petroleum Authority (RAKPA), the regulator of the petroleum sector in the Emirate of Ras Al Khaimah (RAK) in the United Arab Emirates, is seeing a high level of interest from Indian companies to qualify for the 2018 RAK licensing round.
Growing demand in the Indian market and the unique opportunity for Indian companies to explore and develop oil and gas in previously untouched areas of RAK, which is geographically close to India, has resulted in RAKPA is seeing strong levels of interest from many leading Indian oil and gas companies.
In response to interest from Indian firms, officials from RAKPA and RAK Gas (RAK's national oil company) are holding meetings with representatives and senior management from the country's major oil and gas companies.
The licensing round covers four shallow-water offshore blocks and three onshore blocks. These seven blocks represent strong exploration opportunities, with the presence of 10 working oil and gas fields located in a 10-kilometre radius pointing to tangible evidence of the existence of oil and gas.
"We are seeing a positive response to this licensing round from Indian oil and gas companies that have a proven track record of experience in the industry and are eager to explore Ras Al Khaimah's oil and gas potential," said Nishant Dighe, Chief Executive of RAKPA and CEO of RAK Gas.
"Indian firms have increasingly shown a strong interest in finding and developing new hydrocarbon reserves. The licensing round will welcome bids from companies with successful operations across the sub-continent and overseas."
The third largest consumer of oil and petroleum products after the United States and China and the fourth largest Liquefied Natural Gas (LNG) importer after Japan, South Korea and China, India is also home to second biggest oil refinery in Asia.
Indian oil and gas companies generate billions of dollars in revenue and have established themselves among some of the biggest and most important supermajors in the world.
The country currently imports more than 80 percent of the oil it needs for industrial and household use, with demand expected to grow at a Compound Annual Growth Rate (CAGR) of 3.6 per cent to 458 Million Tonnes of Oil Equivalent (MTOE) by 2040.
Mr. Dighe added: "This licensing round represents a great opportunity for Indian oil and gas companies to expand their portfolios into one of the most stable countries in the Middle East. Ras Al Khaimah and the UAE more generally, has seen significant investment from Indian companies, and Indian oil and gas companies that take part in the licensing round will discover a business environment that is both modern and investor-friendly."
Launched in April, the licensing round has been attracting some of the world's most successful oil and gas companies.
Once their interest has been expressed, Indian firms will be able to access the results of RAK Gas's latest broadband 3D seismic analysis covering 2,200sqkm and as well as legacy onshore seismic data. This data is available for viewing by appointment at data rooms in RAK and London.
Another boost to Indian companies interested in oil and gas concessions in RAK is the easy access to an extensive network of existing petroleum infrastructure, a new attractive production sharing agreement governing the petroleum rights, and security of purchase of produced gas. Indian companies will also be able to export their oil production to India or other international markets.
RAKPA is managing the licensing round in accordance with the directives of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah.
For more information, please visit: http://rakgas.ae/license-round-2018/.
SOURCE Ras Al Khaimah Petroleum Authority (RAKPA)