UAE: Sharjah Gov’t Signs Long Term Concession Agreement with Rex Oil and Gas Limited
- Business & Finance
Under the directives of HH Sheikh Dr Sultan bin Mohammed Al Qassimi, Member of the UAE Supreme Council and Ruler of Sharjah, the Government of Sharjah, represented by the Sharjah Petroleum Council, has signed a concession agreement with international oil company Rex Oil and Gas Limited for oil and gas exploration and drilling in Sharjah’s Eastern offshore concession.
The 23-year concession agreement, which covers the offshore areas of Khorfakkan and Kalba, was signed by HH Sheikh Ahmed bin Sultan Al Qassimi, Deputy Ruler of Sharjah and Chairman of the Sharjah Petroleum Council, on behalf of the Government of Sharjah, and Mr Svein Kjellesvik, Vice President of Rex Oil & Gas.
Also present for the signing were HE Sheikh Sultan bin Ahmed Al Qassimi, Deputy Chairman of the Sharjah Petroleum Council, HE Sheikh Mohammed bin Ahmed Al Qassimi, Director of the Chairman’s Office, HE Eng. Waleed Rashid Demas, Secretary General of the Sharjah Petroleum Council, HE Eng. Saleh Ali Al Ali, Member of the Sharjah Petroleum Council, and Mr. Simon comina , Associate Director of Schroders bank.
Per the terms of the agreement, Monaco-based Rex Oil and Gas will conduct the necessary geological studies, carry out three dimensional seismic surveys, and drill exploration wells in the concession area.
In a statement issued on the occasion of the signing, HE Eng. Waleed Rashid Demas said that the agreement is in line with the directives of HH Sheikh Dr Sultan bin Mohammed Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah, to focus on the optimum exploitation of national resources to support the emirate’s economic prosperity.
He also underscored the importance of re-exploring certain areas in the light of the constant developments being made in oil and gas exploration and drilling technologies, which may lead to the discovery of new oil and gas fields in areas that have not yielded discoveries in the past.
Source: AMEinfo, June 6, 2011;