rak petroleum reports lower firsthalf profit
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

RAK Petroleum reports lower first-half profit

Arab Today, arab today

Arab Today, arab today RAK Petroleum reports lower first-half profit

RAK Petroleum reports lower first-half profit
Ras al-Khaimah - Arab Today

RAK Petroleum on Thursday said its consolidated first-half profit fell to $2.8 million versus the $6.9 million it recorded during the same period of last year.
The Oslo-listed company’s balance sheet meanwhile improved, as cash generated from its operating activities topped $211.5 million as of end-June compared with $20.9 million last year. Total cash and cash equivalents stood at $15.9 million while the company’s indebtedness was pegged at $32.7 million.
Despite the decline in RAK Petroleum’s profitability, executive chairman Bijan Mossavar-Rahmani was optimistic the successful military campaigns in Iraq – where its subsidiary Norwegian oil and gas firm DNO has operations – should improve the outlook for the company.
“The successful military campaigns in northern and western Iraq against the Islamic State of Iraq and Syria and the settlement agreement signed by DNO and the KRG … reduce the risk to DNO with respect to recovery of its receivables and improve the overall oil and gas investment climate in Kurdistan,” Mossavar-Rahmani said in his report to stockholders.
RAK Petroleum controls a 40 percent stake in DNO and a 33 percent interest in Foxtrot International, a privately held exploration and production company.
DNO is currently the most active driller among global operators in Kurdistan, holding a license for Tawke and Peshkabir fields, which together produce over 110,000 barrels of oil per day, and another for the Benenan and Bastora heavy oilfields.
The company recently assumed operatorship of the Baeshiqa license in Kurdistan with a 40 percent paying interest, acquiring one-half of ExxonMobil’s position.
Foxtrot International meanwhile supplies more than 70 percent of Ivory Coast’s gas through its offshore Foxtrot and Mahi fields in the Gulf of Guinea. It also is the operator and 27.5 percent stakeholder in Block CI-502, an offshore exploration license acquired in 2014.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rak petroleum reports lower firsthalf profit rak petroleum reports lower firsthalf profit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rak petroleum reports lower firsthalf profit rak petroleum reports lower firsthalf profit

 



GMT 07:24 2017 Wednesday ,13 December

Cutler shines as Brady, Patriots upset by Dolphins

GMT 14:18 2017 Monday ,02 January

SCCI, Serbia discuss economic cooperation

GMT 13:08 2017 Tuesday ,05 September

Singer Haifa Wahby will issue a new album

GMT 03:01 2017 Tuesday ,25 July

Suicide bomber in Solo identified as former head

GMT 16:42 2017 Sunday ,09 July

Ten hurt in Spanish bull running fest

GMT 05:21 2017 Sunday ,05 November

Red Cross admits $6-million fraud

GMT 15:53 2017 Wednesday ,01 November

Rugby injury to sideline Van Niekerk for nine months

GMT 02:12 2015 Saturday ,27 June

US satellite radio settles on use of old music

GMT 22:44 2017 Sunday ,18 June

Oman 'No1' in region for starting a business

GMT 10:19 2011 Friday ,05 August

A glamorous pied-à-terre in Monaco

GMT 22:21 2017 Saturday ,16 December

Minister congratulates leadership

GMT 03:26 2017 Friday ,29 September

Trump national security adviser Michael Flynn resigns

GMT 16:57 2017 Friday ,03 November

Goerges sends Mladenovic crashing out of top 10

GMT 01:48 2011 Friday ,01 April

\'Super\' salmon resist climate change better

GMT 07:17 2017 Sunday ,12 February

Yemeni army clashed with Houthis in Taiz 
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday