Ras Al Khaimah's Gas Commission yesterday signed an agreement with Novus Oman Ltd to purchase gas from Oman's West Bukha field, officials said.
The agreement was signed by Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, and Chairman of the Ras Al Khaimah Gas Commission (RAK Gas), and Peter Sadler, Director of Novus.
The signing took place at the Crown Prince's palace.
Ras Al Khaimah Gas Commission expects the West Bukha field to supply the cement industry in Ras Al Khaimah with the gas it needs for at least a decade, Shaikh Saud said.
The signing of the deal marks a milestone in the development of Ras Al Khaimah, as the new gas supply is expected to meet the energy demands of the emirate's growing industrial sector, officials said.
Novus is a 100 per cent owned subsidiary of Medco Energi Limited.
Novus, along with partners LG International Corporation, Heritage Oil and Gas and the Government of Oman, plans to drill a development well in the West Bukha structure this year, officials said.
An unmanned offshore platform and pipeline tie-back to the existing Bukha platform will be installed, they added.