Sign In / Up

Add contribution as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Comment as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Login

Not a member Register   Forgot Password
or connect using
 

Email

 

Rudaw

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. 

 

Comments

 
Post a New Comment
Comment as a guest or Login for more enhanced interactive experience
Tags : oil

Be Part of Your Rudaw!

Share your stories, photos and videos with Rudaw, and quite possibly the world.

What You Say

Bijan | 9/22/2018 11:10:51 PM
Iran is a big country, its name (Iran/Iranshahr) and its existense as a nation state is 1800 years old. Jealous and savage forces like mongols and...
Guest | 9/23/2018 2:32:51 AM
Correction: This was an iranian gay parade.
Gunmen attack Iranian military parade, casualties reported
| yesterday at 09:19 | (21)
Dutchman | 9/22/2018 11:20:52 PM
Thank you France. The French contribution is important to protect the Kurds and orther peoples in Northern Syria. Rojava is the only part of Syria...
France: A central player in the fight against ISIS
| yesterday at 09:35 | (1)
Yassir Fekaiki
Yassir Fekaiki | 9/22/2018 9:29:53 PM
make a deal whilst you can? PUK is died with Mam Jalal, what remains is in loving memory of what could have been the KDP now has the chance to take...
Bishop | 9/22/2018 9:55:09 PM
Puk are bunch of cry babies like seriously what has taliban done or Masum done for the Kurds?! It’s time for a change puk canadiates have been weak...
KDP’s ‘unilateral’ Baghdad visit against spirit of Kurdish ‘unanimity’: PUK
| yesterday at 11:14 | (3)
Pie | 9/21/2018 8:06:35 PM
@Azad, you've got a good point there but what about your own government Turkey? they're no better than Iran or the West. Turkey attacked and occupied...
Tron | 9/22/2018 9:50:16 PM
In the last 70 years the us built up not only a huge debt but they have built up global warming built up Ozon hole and built up global terrorism...
US slams Iran for Koya attack and their proxies for interfering in Iraq
| 21/9/2018 | (5)

Elsewhere on Rudaw

ISIS media release video claiming to show Iran military parade attackers 3 hours ago |

ISIS media release video claiming to show Iran military parade attackers

The three men are dressed in IRGC uniforms more
Russia says ‘misled’ by Israel in plane downing over Syria 4 hours ago |

Russia says ‘misled’ by Israel in plane downing over Syria

A Syrian missile downed the Russian military more
A letter to Kurdistani patriots a year after the referendum 6 hours ago |

A letter to Kurdistani patriots a year after the referendum

Your friends rejoice that you've again endured more
0.171 seconds