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Business

RAK Petroleum announces increase in profit through interest in DNO

By Rudaw 14/9/2018
An oil facility in the Kurdistan Region. File photo: Rudaw
An oil facility in the Kurdistan Region. File photo: Rudaw
ERBIL, Kurdistan Region – RAK Petroleum announced that it brought in a net profit of $31 million in the first half of 2018, with part of the earnings coming from shares it holds with DNO, the largest oil exploration company in the Kurdistan Region.

UK-registered and Oslo listed company RAK Petroleum holds its highest interest at 40.45 percent in Norwegian oil and gas operator DNO which operates in the Peshkhabir and Tawke fields of the Kurdistan Region.

RAK Petroleum, which primarily focuses on investments in the Middle East, also holds smaller shares in Oman and the Ivory Coast.

It announced the $31 million net profit in the first half of 2018, comparing it to the 2017 yearly profit of $54.8 million.

Bijan Mossavar-Rahmani, RAK Petroleum's Executive Chairman said in a statement that the company seeks "to continue to identify additional undervalued oil and gas assets or companies in which to build a shareholding and then initiate a deep and active engagement with management to unlock value by building on our experience, our expertise and our extensive network of public and private sector relationships."

DNO has a 75 percent interest in the Tawke license, which includes the Tawke and Peshkabir fields. Genel, headquartered in London, holds the remaining 25 percent.

The company's increased operations at the Peshkabir field in Duhok have led it to become the second-largest oil and gas field in the Kurdistan Region after the Tawke field.

The Kurdistan Region is highly dependent upon the oil and gas sector for revenues. Its income was, therefore, nearly halved with the loss of Kirkuk’s oil fields that were taken over by Iraq last October. 

 

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