Enoc to expand in exploration, production

25 February 2010

Petri Pentti, CFO of Emirates National Oil Co. (Enoc) has said the firm plans to expand in exploration, production and storage to help counter tight profit margins, Bloomberg has reported. 'We are still focused on establishing ourselves as a vertically integrated company' after abandoning a bid to buy all of exploration unit Dragon Oil Plc last year, Pentti was quoted as saying. ENOC's sales fell about 41% to $8.5bn last year from $12bn in 2008 as oil prices declined, he said.

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