DNO International to buy units of RAK Petroleum

DNO International reported signing a definitive agreement to acquire RAK Petroleum's oil and gas operating companies.

Under the proposed transaction, RAK’s Middle East and North African operations will be merged into a subsidiary of DNO in exchange for DNO shares to be issued to RAK Petroleum.

The merger is part of DNO International’s strategy to expand its operations in the MENA region through acquisition of existing reserves and production as well as additional onshore and offshore exploration acreage.

DNO’s current working interest production averages 45,000 boe/d. Following the merger, the production contribution from RAK Petroleum’s MENA operating subsidiaries will be 7,500 boe/d.

That figure is expected to rise to 15,000 boe/d within a year with the successful implementation of the Saleh field redevelopment program offshore Ras Al Khaimah.

Contact Eric Watkins at hippalus@yahoo.com.

Related Articles

Total, InterOil close Papua New Guinea deal

03/26/2014 InterOil and Total SA have finalized a revised sales and purchase agreement for the Elk-Antelope gas-condensate field in petroleum retention licenc...

Gorder named Valero chief executive officer

03/25/2014

Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

03/25/2014 Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As...

MOL closes purchase of North Sea assets from Wintershall

03/25/2014 MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in th...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected