UAE’s RAK increases stake in Cote d’Ivoire oil field

02 Dec 2014

(MENAFN) RAK Petroleum announced it has invested more than USD10 million as part of a joint venture acquisition of an oil and gas field block in C”te d’Ivoire by adding its stake to 9.1 percent, Arabian Business reported.

The UAE-based oil and gas investment company said that the increase in its stake happened following the acquisition by the company and Foxtrot International LDC through their joint venture of the 12 percent interest previously held in the block by Energie de C”te d’Ivoire SA.

The company, which has a one-third ownership of Foxtrot International held through Mondoil Enterprises, said that Foxtrot International now holds a 27.5 percent interest in the block of which it is the operator of after the transaction.

RAK said that the first platform on Block CI-27currently processes a daily average of 145 million cubic feet of gas, which is 70 percent of C”te d’Ivoire’s total production.

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