RAK Petroleum records strong profit growth in second quarter

29 August 2011

Bulk of $13m in profits stems from stake in Danish DNO International

Oil and gas exploration and production company RAK Petroleum reported a second quarter profit of $13.2m, up from $5m in the first quarter.

Results were bolstered by the profits flowing from a 30 per cent stake in Norway’s DNO International, which contributed almost $12m to the bottom line. Second quarter turnover amounted to $32m.

“I am delighted to see our associate company DNO International begin to make a contribution to the RAK Petroleum bottom line,” said Bijan Mossavar-Rahmani, chairman and chief executive officer at RAK Petroleum.

The two companies are currently working towards a full merger, after signing a heads of agreement in June. The target completion date for the merger remains in place, said Mossavar-Rahmani.

RAK produced 8,664 barrels a day (b/d) of oil and condensate, and 31 million cubic feet of gas and 506 barrels of liquefied petroleum gas from its fields offshore Oman. It is active in exploration and field redevelopment in Ras al-Khaimah and Tunisia.

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