RAKGas signs agreement for Zanzibar’s first oil and gas exploration project

RAKGas, through its international subsidiary RAKGas Zanzibar Limited, has signed an oil and gas Production Sharing Agreement with the Revolutionary Government of Zanzibar, the first such agreement Zanzibar has signed following its implementation of the Oil and Gas (Upstream) Act of 2016. 

Negotiations regarding the Production Sharing Agreement for the acreage known as Pemba Zanzibar Block, which measures 11,868 square kilometres, have now been concluded and RAKGas Zanzibar Limited is executing the agreement with the Zanzibar Government and the Zanzibar Petroleum Development Company.

His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, arrived in Zanzibar after receiving a formal invitation from His Excellency President Dr. Ali Mohamed Shein of the Zanzibar Government to witness the signing of this historic agreement. 

RAKGas L.L.C is a wholly Ras Al Khaimah Government-owned oil and gas exploration and production company established under Emiri Decree number 14/84 by the Ruler of Ras Al Khaimah. RAKGas has been pursuing exploration opportunities in the Middle East and Africa and this year opened a licencing round in Ras Al Khaimah to allow for prospective companies to bid for acreage. 

RAKGas International Chief Executive Officer Kamal Ataya said: “This Production Sharing Agreement between RAKGas and the Government of Zanzibar is an important milestone for everyone involved and heralds a fruitful partnership between Ras Al Khaimah and Zanzibar.

RAKGas is proud to be the company to enter into Zanzibar’s first-ever exploration project.” 

About His Highness Sheikh Saud 

His Highness Sheikh Saud bin Saqr Al Qasimi is a Member of the Supreme Council of the UAE and Ruler of Ras Al Khaimah (RAK). Born in Dubai in 1956, he was educated in RAK before attending the American University of Beirut. He later moved to the University of Michigan, graduating with an Economics Degree.

He returned home in 1979 and was appointed Chief of the Ruler’s Court before becoming Chairman of RAK Municipal Council in 1986. In this period, H.H. Sheikh Saud founded RAK Ceramics and restructured Julphar Pharmaceuticals and RAK Rock to ensure both became the industry leaders they are today. 

H.H. Sheikh Saud was named Crown Prince of Ras Al Khaimah on 14 June 2003. In this role he oversaw the introduction of free zones, efficient business licensing procedures and offshore corporate registration. 

On 27 October 2010, after the passing of his father H.H. Sheikh Saqr (May he rest in Peace), H.H. Sheikh Saud became the Ruler of Ras Al Khaimah. As Ruler, he has continued to expand and diversify Ras Al Khaimah’s economic base and improve the quality of its social services, while working hard to make high-quality education and healthcare services available to all the Emirate’s population. 

H.H. Sheikh Saud received an Honorary Doctorate from the University of Bolton, UK, in 2010; an Honorary Fellowship of the Jawaharlal Nehru Centre for Advanced Scientific Research in India, in 2013; and an Honorary Doctorate Degree in Economics from Incheon National University, South Korea, in 2018.  

About Ras Al Khaimah

Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that make up the United Arab Emirates. It is known for its rich history, dating back 7,000 years, and diverse landscape, from 64km of pristine beaches, to terracotta deserts and an imposing mountain backdrop. The Emirate is home to the highest peak in the UAE, Jebel Jais, which features the world’s longest zip line, at almost 3km.

RAK is also centrally located at the modern crossroad between Europe and Asia, with one third of the world’s population within four hour’s flying time, making it an ideal location for businesses to expand into the UAE, the Middle East and Africa and beyond. 

At the Emirate's economic heart lies several major companies and sectors - industrial (including RAK Rock and Stevin Rock’s quarries, RAK Ceramics and Julphar Pharmaceuticals); RAK Ports; RAK Economic Zone; banking via RAKBANK; RAK Gas and tourism. Supporting these industries is a modern infrastructure, state-of-the-art industrial areas and business parks and world-class hotels, facilities and attractions for tourists. 

For the past decade, Ras Al Khaimah has been consistently rated ‘A’ by international rating agencies (Fitch and Standard & Poor’s) and already the Emirate is home to about 15,000 businesses, with almost 37,000 companies from 100 countries having trade licenses here. RAK Courts is also the second-fastest court in the world at enforcing contracts in commercial disputes.