Sharjah has signed a 23-year concession agreement with Rex Oil & Gas for offshore drilling in the areas of Khorfakkan and Kalba.
The agreement was signed by HH Sheikh Ahmed bin Sultan Al Qassimi, Deputy Ruler of Sharjah and Chairman of the Sharjah Petroleum Council and and Svein Kjellesvik, Vice President of Rex Oil & Gas. There were other esteem members present during the signing of the document.
As per the terms, Rex Oil & Gas will conduct the required geological studies, conduct three dimensional seismic surveys, and also drill exploration wells in the region. HE Eng. Waleed Rashid Demas also conveyed that the agreement is compliant with the directives of HH Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah.
The focus will be on optimum exploration of natural resources and aimed at emirate?s economic progress. HH Al Qasimi also supports re-exploration of certain areas in the wake of developments in the area of oil and gas exploration and drilling technology.
There is hope to discover new oil and gas fields in the region.
sources: gulfnews, zawya.com