Sharjah, Rex sign oil deal
Sharjah has signed a 23-year concession agreement with international oil firm Rex Oil and Gas Limited for oil and gas exploration and drilling in emirate’s eastern offshore concession.
This was initiated under under the directives of His Highness Sheikh Dr Sultan bin Mohammed Al Qassimi, Member of the UAE Supreme Council and Ruler of Sharjah. Sharjah was represented by Sharjah Petroleum Council.
The agreement, which covers the offshore areas of Khorfakkan and Kalba, was signed by 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 Svein Kjellesvik, Vice President of Rex Oil and Gas.
Also present for the signing were Sheikh Sultan bin Ahmed Al Qassimi, Deputy Chairman of the Sharjah Petroleum Council, Sheikh Mohammed bin Ahmed Al Qassimi, Director of the Chairman's Office, Eng. Waleed Rashid Demas, Secretary General of the Sharjah Petroleum Council, Eng. Saleh Ali Al Ali, Member of the Sharjah Petroleum Council, and Simon Comina, Associate Director of Schroders bank.
As per the terms of the agreement, Monaco-based firm will conduct the necessary geological studies, carry out three dimensional seismic surveys, and drill exploration wells in the concession area.
Eng. Waleed Rashid Demas said that the agreement will 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.
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