Somaliland:UAE based Ras al Khaimah Gas (RAKGAS) set to Start Oil Extraction Operation in 2016
H.E President Ahmed Mohamed Mahmoud Silanyo today received representatives of Ras al Khaimah Gas Company LLC (RAKGAS) lead by Mr. Nishant Dighe , Executive director of the company’s exploration and production unit ,and his associate Mr. Tom Bidwell , RasGas Legal affairs who are currently visiting the country.
During the meeting President Silanyo discuss ways to expedite oil exploration and extraction in the country with the visiting RasGas officials and also briefed them on the country current situation. He further added that the country is open for investment hence welcomes who is willing to invest in the country.
Hon Dualeh speaking during today’s press conference said, “The visiting “RAKGAS” officials are in the country in regarding the execution of the production sharing Agreement (PSA) with government of Somaliland, for the exploration of Block SL9 and SL12 respectively and to facilitate the start the of the oil extraction operation by the UAE owned company in the country which is due to commence in 2016.
Mr. Dualeh added that, “We are pleased to continue our partnership with Ras al Khaimah Gas Company LLC (RAKGAS) as we look to develop the oil and gas industry in Somaliland and we are looking forward to future cooperation.”
“This is the second oil exploration company, the other Genel to announce it will start oil extraction operation in the country this year,” He stated
Mr. Nishant Dighe , the visiting RAKGas Executive Director of the company’s exploration and production unit said “, We are excited about next couple of years, RasGas looks forward in exploring oil here in Somaliland, as you’re aware of its takes quite a lot of capital investment , risk investment and its a long journey to produce oil which will generate revenue for this country but is the ultimate goal and pleased to be working with especially the minister of energy .i hope the this deal will be fruitful to all.
In 2013 , Somaliland Minister of Mining and Energy Hon Hussein Abdi Dualeh announced the execution of an amendment to the production sharing Agreement (PSA) with Ophir Energy plc (Ophir) and Ras al Khaimah Gas Company LLC (RAKGAS), for the exploration of Block SL9 and SL12 respectively in Sahil region.
The Amendment includes the awarding of additional acreage to Ophir and RAKGAS in lieu of signature bonus, the payments of surface rent, a participating interest and an improved work program.
RAKGAS International Ventures (Exploration & Production)
RAK Gas has accumulated an extensive experience associated with natural gas operations as well as the financial resources to properly evaluate and develop oil and gas blocks. It is a substantial gas producer in the UAE and Oman, where it owns, develops and operates several offshore fields. Furthermore it holds significant exploration acreage in Egypt, Malawi, Somaliland and Pemba-Zanzibar.
More importantly RAK Gas has acquired state-of-the-art technical capabilities in all aspects of exploration, drilling, completion and reservoir development that allow it to optimally develop and exploit any given block.
RAK Gas is committed to the highest health, safety and environmental standards in all aspects of its operations as well as dedicated to assisting the development of the indigenous technical capabilities within the territory it operates in, through the established relationships with firms capable of providing training and development.