Ras al-Khaima Gas (RAKGas) of the United Arab Emirates (UAE) on Monday announced that it has signed an oil and gas Production Sharing Agreement with the government of Tanzania's semi-autonomous Zanzibar.
This deal marks the first such agreement Zanzibar has signed following its implementation of the Oil and Gas (Upstream) Act of 2016, said the statement.
Negotiations regarding the Production Sharing Agreement for the acreage known as Pemba Zanzibar Block, which measures 11,868 square kilometres, have now been concluded.
RAKGas Zanzibar Limited is executing the agreement with the Zanzibar government and the Zanzibar Petroleum Development Company.
RAKGas L.L.C is a wholly Ras Al Khaimah government-owned oil and gas exploration and production company.
RAKGas has been pursuing exploration opportunities in the Middle East and Africa and this year opened a licencing round in Ras Al Khaimah to allow for prospective companies to bid for acreage.
Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that make up the UAE.
Editor:Cherie
