RAK Petroleum, a Ras Al Khaimah-based energy investment company, has announced an investment of $10.6m to increase its indirect stake in Côte d’Ivoire’s Block C1-27 oilfield.
The company raised its stake in the block from around 8% to 9.1% following a share purchase by Foxtrot International — a West African exploration firm in which RAK Petroleum is a shareholder — from Société des Energies de Côte d’Ivoire (CI-Energies), the national energy company.
Foxtrot International and its joint venture partners both hold a 27.5% interest in the block, and RAK Petroleum is in turn a 33.33% shareholder in Foxtrot through Mondoil Enterprises.
Foxtrot International produces more than 70% of the gas in Côte d’Ivoire from the two gas fields — named Foxtrot and Mahi — in Block C1-27, and is nearing the completion of a four-year plan to develop two other discoveries, the Marlin oil and gas field and the Manta gas field.
“Development of the previously discovered Marlin oil and gas field and the nearby Manta gas field is on track following a four-year, $1bn expansion programme,” a statement read, while anticipating the commencement of production from the Marlin field during 2015.
Block CI-27 has been under operation since 1999 and currently processes an average of 145 million cubic feet of gas and 1,000 barrels of oil and condensate a day.
RAK Petroleum listed on the Oslo stock exchange in November, raising $25m in its IPO. It also has a 42.8% stake in Norwegian operator DNO ASA, which has energy operations across the MEA region, including in Iraq’s Kurdish region, Yemen, Oman, the UAE, Tunisia and Somaliland.