Ras al-Khaimah (RAK) has joined in with the wave of upstream deals signed across the UAE over the past week. After Eni struck deals in Abu Dhabi and Sharjah (MEES, 18 January), RAK secured a more modest win on 16 January. Poland’s state firm PGNiG signed an exploration and production sharing agreement (EPSA) with the emirate’s state-owned Ras Al Khaimah Petroleum Authority (RAK PA) and RAK Gas for the onshore/offshore Block 5.
Under the terms of the agreement, work will be undertaken over three two-year exploration stages. PGNiG is entitled to relinquish the block after any of the stages. If successful, then there will be a 30-year production phase. (CONTINUED - 158 WORDS)