Ras Al Khaimah: RAK Petroleum, the oil and gas exploration and production company, announced yesterday that it has signed an agreement to join an offshore exploration licence in Tunisia.
A 30 per cent interest in the Hammamet Offshore licence has been acquired by RAK Petroleum from Canada-based firm Storm Ventures International, which will retain a 35 per cent operated interest. Cooper Energy of Australia holds the remaining 35 per cent interest in the licence. The assignment has been approved by the Tunisian government.
Ready prospects
The Hammamet Offshore licence area, awarded in September 2005 under a production sharing agreement, is situated in the Gulf of Hammamet and contains two ready to drill prospects plus several leads. The first well, Fushia 1, is expected to be drilled in the third quarter of 2010, subject to rig availability.
"RAK Petroleum is very pleased to make an entry into Tunisia," said Abdul Aziz Al Ghurair, Chairman of RAK Petroleum's board of directors.
"This is the first exploration project undertaken by RAK Petroleum outside Oman and the UAE. The company is looking forward to further expansion in Tunisia and the North African region generally," Al Ghurair added.
