RAK takes all of Saleh field off Ras Al Khaimah

RAK Petroleum Public Co. Ltd. has agreed with Ras Al Khaimah Gas Commission to take a 100% stake and operatorship of the offshore Saleh field.

Offshore staff

RAS AL KHAIMAH – RAK Petroleum Public Co. Ltd. has agreed with Ras Al Khaimah Gas Commission to take a 100% stake and operatorship of the offshore Saleh field.

In outlining the redevelopment plans, Mossavar-Rahmani said that RAK Petroleum recently completed a fresh look at the Saleh field through new reservoir studies and was encouraged to revisit the opportunities for rejuvenation of the field.

RAK says it expects to begin redevelopment of Saleh in the first half of 2011 by deepening an existing well to the Thamama reservoir. As part of the agreement, Rakgas is offered back-in rights exercisable during a three-month window following completion of the first Saleh well, for 30% participation upon payment of 30% of the well costs.

10/06/2010

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