(MENAFN- Emirates News Agency (WAM)) Neighbouring emirates of Sharjah and Ajman have signed signed a production sharing agreement (PSA) for joint development of an offshore oil field between their coastal borders.
Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Chairman of Sharjah Petroleum Council, signed the PSA for the government of Sharjah, while Sheikh Ahmed bin Humaid Al Nuaimi, Ajman Ruler's Representative for Administrative and Financial Affairs, signed for the government of Ajman, in the presence of CEO of Dana Gas Rashid Al-Jarwan.
The agreement will further consolidate bonds across the emirates and boost national economic development.
Dan Gas runs the oilfield, located about 40 kilometres off the coast of Ajman and Sharjah.
The PSA will see Sharjah and Ajman governments developing the already discovered gas field by horizontal drilling, building an offshore processing platform and extending a 25 km pipeline to transport gas.
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