RAK Petroleum reports sixth consecutive profitable quarter

26/10/2010 - Ras Al Khaimah Property News
RAK Petroleum reports sixth consecutive profitable quarter

Posted by Bob Brunskill

Ras Al Khaimah-based RAK Petroleum has announced a net profit of AED 20 million for the quarter ended September 30th, 2010.

The result is the company's sixth consecutively profitable quarter, bringing net profit for the first nine months of the year to AED 60 million.

That contrasts markedly with the recorded profit of AED 29.5m for the whole of 2009.

Commenting on RAK Petroleum's future growth plans, chief executive officer Bijan Mossavar-Rahmani noted that the company recently acquired an additional 60 per cent interest in the Saleh gas field in Ras Al Khaimah and confirmed it would commence redevelopment operations at the site in the fourth quarter of the year.

The company also announced that the Zad 2 exploration well in Block 47, Sultanate of Oman, spudded on October 9th and would take three months to drill to the target depth of 4,200 meters.

Repsol Exploracion SA is a 50 per cent non-operating partner in Block 47.