The UAE’s RAK Petroleum has signed an agreement to acquire a 30 percent stake in a Tunisian offshore oilfield, a company statement said on Monday.
The stake in the Hammamet licence acquired by RAK Petroleum was previously held by Canada based Storm Ventures International which will retain a 35 percent operated interest, the statement said.
Cooper Energy of Australia holds the remaining 35 percent, it added.
Based in the northern emirate of Ras al Khaimah in the UAE, RAK Petroleum currently has exploration operations in the UAE and Oman.
The Hammamet offshore licence area is located in the Gulf of Hammamet and contains two ready to drill prospects plus several leads, said the statement.
Shelley Watson, commercial director, RAK Petroleum, said: “The first well, Fushia 1, is expected to be drilled in the third quarter this year, subject to rig availability.”
No details were given about the value of the deal.
He added: “The value really depends on how much oil we find and so far in one of the structures we expect reserves of around 300 million barrels, but it could be a lot more.”
Tunisia plans to raise production of hydrocarbons to 9.2 million tonnes in 2010 from 7.5 million last year, Afif Chelbi the country’s minister of industry and technology, said on Monday.
RAK Petroleum has no other acquisitions in the pipeline at this time, Watson added.
Last year, RAK Petroleum acquired a 10 percent stake in Norwegian firm DNO International ASA, which operates oil fields in Iraq’s Kurdistan region and Yemen. (Reuters)Â
