RAK Petroleum has gained full ownership of two oil and gas exploration sites in Oman after a British partner firm backed out of the venture, the company said on Sunday.
RAK will raise its stake in the two onshore exploration blocks near the UAE border, which are thought to contain natural gas, from 50 per cent. Indago Petroleum, the partner firm, will pay RAK $3.5 million (Dh12.8m) to prematurely abandon the joint exploration agreement.
The move follows RAK’s announcement last week that it would increase its stake in an existing offshore field in the Gulf by purchasing a subsidiary of Canada’s Heritage Oil for $28 million.
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