Thursday 9 April 2009

RAK Petroleum buys stake in Canada firm

RAK Petroleum has bought the Omani assets of Canada’s Heritage Oil for US$28 million (Dh102.8m), boosting its stake in an offshore field that supplies gas to Ras al Khaimah.

The transaction adds a 10 per cent interest in the Omani side of the West Bukha offshore oil and gasfield to RAK Petroleum’s existing holding, raising it to 50 per cent. The field is located in the Strait of Hormuz, straddling the maritime border between Iran and Oman’s Musandam territory.

“This acquisition increases our exposure to West Bukha’s upside potential and also underscores our commitment to investing in the upstream sector in the Sultanate of Oman,” said Abdulaziz al Ghurair, the chairman of RAK Petroleum.

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