On 2 April 2018, the government of Ras Al Khaimah (RAK) announced the official launch of its 2018 Petroleum Licensing Round. RAKGas, a company wholly-owned by the RAK Emirate, is hosting the round which includes a total of seven blocks, with four blocks (1 to 4) covering the offshore and three blocks (5 to 7) covering the onshore portion of the Emirate. Acreage will be awarded under a new Exploration and Production Sharing Agreement, which the Chief Executive Officer of RAKGas has cited as 'modern' and 'investor-friendly'. The submission of bids is scheduled for September and October, with results expected to be announced in November 2018. Additionally, to regulate the tendering process and manage the ongoing petroleum rights, the government has also established the Ras Al Khaimah Petroleum Authority. 
On 2 April 2018, the government of Ras Al Khaimah (RAK) announced the official launch of its 2018 Petroleum Licensing Round. RAKGas, a company wholly-owned by the RAK Emirate, is hosting the round which includes a total of seven blocks, with four blocks (1 to 4) covering the offshore and three blocks (5 to 7) covering the onshore portion of the Emirate.