RAK Petroleum strikes oil off of Ivory Coast

The Marin North-1 well was drilled by Foxtrot International, in which RAK Petroleum has a 33 per cent stake. Foxtrot operates the offshore Block CI-27 in the Ivory Coast through a 27.5 per cent holding.

A partly-owned subsidiary of RAK Petroleum has made a discovery in an Ivory Coast offshore block as the UAE company seeks to boost its holdings in Africa.

The Marlin North-1 well was drilled by Foxtrot International, in which RAK Petroleum has a 33 per cent stake. Foxtrot operates the offshore Block CI-27 in the Ivory Coast through a 27.5 per cent holding. Other partners on the block include the Ivory Coast state energy companies Petroci and SECI.

RAK Petroleum, which is listed in Oslo, is also forging ahead with other oil and gas drilling on the block.

“Elsewhere on the block, development of the previously discovered Marlin oil and gasfield and the nearby Manta gasfield is on track as part of a four-year, US$1 billion expansion programme involving installation of a second production platform on the block and drilling of development wells commencing in July,” said RAK Petroleum. “The first platform on the block has been in operation since 1999 and processes gas and liquids from the Foxtrot and Mahi fields.”

Gas production from Block CI-27 last year averaged 142.6 million cubic feet per day, equivalent to about 70 per cent of Ivory Coast's total. Gas is sold into the domestic market for power generation and other industrial and commercial uses under fixed-price terms that averaged $5.87 per million btu last year, the company said. Average daily production and prices have increased marginally this year, it added.

RAK Petroleum shares were up 5.26 per cent to 16 Norwegian kroner in morning trading. The company holds a 42.8 per cent stake in Norway’s DNO.

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