RAKGas signed an oil and gas production sharing agreement through its international unit with the Zanzibar government and Zanzibar Petroleum Development Company for the Pemba Zanzibar Block.
State-owned RAKGas has been pursuing exploration opportunities in the Middle East and Africa, while launching a licencing round in Ras Al Khaimah to allow international companies to bid for acreage.
This is the first exploration agreement Zanzibar is signing following the enactment of the Oil and Gas (Upstream) Act of 2016.
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.”
The Pemba Zanzibar Block measures 11,868 square kilometres.