SPC invites companies to bid in 2018 onshore licensing round
The Sharjah Petroleum Council (SPC) is inviting petroleum exploration and production companies and investors to bid in an inaugural onshore acreage licensing round covering three concession areas.
SPC has appointed Sharjah National Oil Corporation (SNOC) to conduct the round of licensing, offering companies a contract of 30 years with a 10-year extension.
Sheikh Ahmed bin Sultan Al Qasimi, deputy ruler of Sharjah and chairman of SPC, said, “Sharjah has always strongly supported private investment, employment and business opportunities for the benefit of the people. New partnerships in petroleum exploration and development will enhance and strengthen these policies.”
Sharjah is offering three concession areas, which are located in the producing Thrust Zone play trend, including an un-appraised deeper gas discovery below the Sajaa gas-condensate field (Area A). They are currently preparing to drill a well in Area B as operator and also offering participation in this exciting near-term exploration opportunity.
Newly acquired extensive 3D seismic, significantly improved the imaging of the fold thrust belt and early indications are emerging of potentially large, undrilled leads and prospects and untested plays.
The new licence round is adopting a globally-competitive fiscal regime, aiming to ensures that smaller fields are highly commercial and larger accumulations also generate attractive returns
Commercial documents such as a concession agreement and joint operating agreement have been prepared and will be available for review in the SNOC Data Room from 4 July 2018, together with the relevant technical data, including the 3D seismic.