Sharjah government body Sharjah Petroleum Council has launched a new upstream licensing round in the UAE emirate, which will be managed by the Sharjah National Oil Corporation (SNOC).
SNOC is inviting exploration and production (E&P) companies to participate in the licensing round, which launched today, and will be issuing 30-year contracts, with 10-year extensions.
Sharjah is offering an onshore acreage consisting of three concession areas, A, B and C, located in the producing Thrust Zone play trend, including an unappraised deeper gas discovery below the Sajaa gas condensate field in Area A.
Commercial documents comprising a concession agreement and a joint operating agreement have been prepared and will be available for review in the SNOC data room from 4 July along with the relevant technical data, including 3D seismic, SNOC said in a press release.
The bid submission deadline is 18 November. SNOC says it will announce the successful bid/s “shortly thereafter” and issue contracts effective from 1 January 2019.
Newly acquired extensive 3D seismic data shot in 2016, and fully processed in 2017 and earlier this year, significantly improved the imaging of the fold thrust belt.
Early indications are emerging of potentially large, undrilled leads, prospects and untested plays, the statement said.
SNOC is preparing to drill a well in Area B as operator and is also offering participation in this potential play.
The operator says all suitable field discoveries can be tied-in to its existing infrastructure in the acreage, gas-condensate processing plant and export facilities, letting the future joint operators generate early cash flow at lower capital expenditure.
SNOC has offered to purchase the resulting hydrocarbons.
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