July 10, 2008

Sharjah Signs Long-Term Exploration Contract With RAK Oil

The government of Sharjah, in the United Arab Emirates, has signed a 20-year secondary contractor agreement with the Ras Al Khaimah Oil Company to create a 34 square-kilometer area for natural gas exploration, according to Emirates Business.

The news source reported that the Ras Al Khaimah (RAK) Oil Company will appraise natural gas wells in the contracted area and is expected to process the gas at the new Al Sajaa facility, which is operated by BB Sharjah.

RAK Oil accounts for 55% of the contracted area and will be the operator, while the government of Sharjah and BB Sharjah will own 27% and 19%, respectively.