RAS AL KHAIMAH, UAE – RAK Petroleum and DNO International say they are set to complete a proposed merger early next year, following approvals from their shareholders.
Bijan Mossavar-Rahmani, chairman and CEO of RAK Petroleum and executive chairman of DNO International, said the merged entity would have a diversified portfolio in the Middle East/North Africa region, “with significant working interest reserves and production as well as regional roots and an experienced team of international management…”
The two companies’ proven and probable reserves total more than 400 MMboe.
An integration committee has been formed to prepare the program for migrating RAK Petroleum’s staff, assets and operating subsidiaries to DNO International. The combined entity will employ around 630 staff, with offices in Oslo, London, Erbil, Sana’a, Dubai, Ras Al Khaimah, Muscat, and Tunis.
RAK Petroleum operates interests in the Sultanate of Oman and the United Arab Emirates, which include the producing Bukha field offshore Oman and the offshore Saleh field (UAE), where the long dormant production facilities are currently undergoing reactivation.
The company also has a 30% participating interest in Tunisia’s Hammamet offshore license.