Rak Petro in farm-out deal with Repsol
Dubai, August 16, 2010
Rak Petroleum, a leading oil and gas exploration firm based in the UAE, has announced plans to farm-out a 50 per cent stake in its block in Oman to expert Spanish group Repsol Exploracion.
The Ras Al Khaimah company said it will retain the operatorship of the block. However, the farm-out deal is subject to government approval.
'Repsol is a partner of choice for RAK Petroleum, bringing a wealth of experience and expertise to this project,' remarked Bijan Mossavar-Rahmani, chairman and CEO of Rak Petroleum.
According to him, the partnership plans to drill the Zad prospect with the well expected to spud in October.
'The well is estimated to take three months to drill and is targeting the Amin sandstone reservoir, similar to the Kauther field discovered by Petroleum Development of Oman to the southeast of the block.'
'While the Zad prospect is purely an exploration play, it is conveniently located close to both gas and oil pipelines and presents a favourable development opportunity if a discovery is made,' said Mossavar-Rahmani.
Rak Petroleum Public Company Limited is registered in the free trade zone of Ras Al Khaimah and is operator of seven blocks in Oman and in the UAE.
Of these, one is in the production phase and three are in the exploration phase, while three others are undergoing appraisal for possible development/redevelopment.
RAK Petroleum also has a non-operated 30 per cent interest in the Hammamet Offshore license in Tunisia and a 30 per cent shareholding in the publicly-traded Norwegian oil and gas company DNO International, whose principal producing properties are located in the Kurdistan Region of Iraq and the Republic of Yemen.-TradeArabia News Service