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FINANCIAL NEWS
Sharjah, Ajman sign PSA to develop joint oil field
22 Nov 2012
(MENAFN) The UAE emirates of Sharjah and Ajman inked a production sharing agreement (PSA) to develop an oil project, reported Gulf News.
The offshore oil field, which lies nearly 40km off the coast of the two emirates, is operated by Dana Gas.
According to the agreement, which will strengthen ties between Sharjah and Ajman and enhance national economic development, the two emirates will develop the already discovered gas field through horizontal drilling.
Furthermore, they will establish an offshore processing platform and lengthen a 25 km pipeline to transfer gas.
It is worth noting that the PSA was signed by Shaikh Sultan Bin Ahmad Bin Sultan Al Qasimi, Deputy Chairman of the Sharjah Petroleum Council and Shaikh Ahmad bin Humaid Al Nuaimi, Ajman Ruler’s Representative for Administrative and Financial Affairs, in the presence of Dana Gas CEO Rashid Al Jarwan.
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