The government of Ras Al Khaimah has sealed a concession agreement with RAK Petroleum Al Khaleej Limited, a wholly-owned subsidiary of RAK Petroleum, granting the company 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,” said Ras Al Khaimah crown prince and deputy ruler Sheikh Saud bin Saqr al Qasimi after signing the agreement.
 
The new concession covers an area of 850 sq km on the onshore RAK coastal plain and near shore transition zone.

Ras Al Khaimah 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, said a top official.

“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.

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.-TradeArabia News Service