RAK Petroleum Authority

Reflecting the vision of His Highness Sheikh Saud bin Saqr Al Qasimi, on 1 April 2018 the Government of Ras Al Khaimah (the "Government") brought into force Law No (4) of 2018 to Regulate the Petroleum Sector in the Emirate of Ras Al Khaimah (the "Law"), the objectives of which are to: 1. Ensure the protection, recovery and commercial utilisation of petroleum resources for the benefit of the economy. 2. Create an enabling environment for attracting investment in the petroleum sector. 3. Regulate relations which arise in conducting petroleum operations. 4. Provide a regulatory system for rational and safe exploration, development, production and commercial utilisation of petroleum. Central to the Law and its objectives is the creation of the Ras Al Khaimah Petroleum Authority ("RAKPA") - the competent authority for, and the regulator of, the petroleum sector in Ras Al Khaimah. Under the leadership of His Highness Sheikh Ahmed Bin Saud Bin Saqr Al Qasimi, RAKPA shall deal with all matters related to petroleum resources in Ras Al Khaimah, including representing the Government throughout the 2018 RAK Licensing Round. The licensing round process and the award of petroleum rights thereunder shall be supervised by RAKPA, and RAKPA shall enter into exploration and production sharing agreements with the successful bidders for each respective petroleum block awarded. Following award, RAKPA will conduct oversight of all petroleum operations conducted thereunder.