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Sun 2 Oct 2016 10:15 AM

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UAE's RAK Petroleum completes $850m offshore project in Ivory Coast

Oslo-listed oil and gas investment company says two new gas field have been brought on stream

UAE's RAK Petroleum completes $850m offshore project in Ivory Coast
(Photo for illustrative purposes only)

UAE-based RAK Petroleum plc has announced the completion of a four-year $850 million field development programme in an offshore project in the Ivory Coast.

The Oslo-listed oil and gas investment company said in a statement that operator Foxtrot International has brought on stream two new gas fields, Marlin and Manta, following the installation of a manned platform and related processing and pipeline facilities which will drill one exploration and seven production wells.

Gas production from Block CI-27 has climbed to an average of 170 million cubic feet per day in August, constituting more than three-quarters of Ivory Coast's total, the statement said.

It added that production of oil and condensates from the block averaged 3,000 barrels per day. In 2015, gas production from the block averaged 145 million cubic feet per day, while liquids production averaged 1,140 barrels per day. Gas is sold at a current price of $6 per million btu and liquids are sold at international market prices.

The new platform doubles Block CI-27's gas and liquids handling capacity and increases the reliability of gas deliveries to the Ivorian electrical sector, the company said. 

Through Mondoil Enterprises, RAK Petroleum has a one-third ownership of Foxtrot International, which operates Block CI-27 with a 24 percent direct stake.

In 2014, RAK Petroleum invested more than $10 million as part of the joint venture acquisition of the oil and gas field block.

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