DUBAI United Arab
Emirates (Xinhua) -- 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
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
Ras Al Khaimah (RAK) is the northernmost of the seven
Emirates that make up the UAE.