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FINANCIAL NEWS
RAK Petroleum acquires Saleh gas field
06 Oct 2010
(MENAFN) Officials at RAK Petroleum said that the company has signed an agreement with the Ras Al Khaimah Gas Commission (Rakgas) to acquire 100 percent stake in the emirate’s Saleh gas field, WAM reported.
The company has taken over the operatorship of the offshore field based in Ras Al Khaimah in exchange for 100 million shares of RAK Education Company (Edrak), said a RAK Petroleum statement.
RAK Petroleum already holds a 40 percent interest in the currently non-producing gas and condensate field.
RAK Petroleum expected to begin redevelopment of the Saleh field in the first half of 2011 by deepening an existing well to the Thamama reservoir, officials said.
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