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FINANCIAL NEWS
Canadian oil firm to acquire interest in UAE oil
21 Oct 2013
(MENAFN) Petra Petroleum, a Canada-listed oil and gas exploration firm, said it plans to acquire a large participating interest in the UAE onshore exploration concession, according to Arabian Oil and Gas.
The onshore concession area is located near Sharjah and has many producing oil and gas fields.
“The acquisition of this license interest is another important step for the Corporation in building an exploration portfolio within our focus areas of Europe, Africa and the Middle East. In addition we are continuing to seek other opportunities to create a diversified exploration and production portfolio and asset base,” said Robert Lambert, president and CEO of the Corporation.
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