Jupiter Kalambakal - AHN News Writer
Abu Dhabi, United Arab Emirates (AHN)- United Arab Emirates' RAK Petroleum will start oil production from its West Bukha field in Oman in August.
The $200 million Oman oil field is expected to produce oil at 10,000 to 15,000 barrels a day by the end of August.
The gas exploration beneath Jebel Hafit Mountain is estimated to hold some one billion barrels of oil. Production was delayed as drilling is some 900 meters away from the target depth of 5,900 meters.
RAK Petroleum, majority owned by the government of Ras al Khaimah, one of the seven emirates, has operations in the U.A.E. and Oman.
RAK is in talks with several northern emirates to explore in marginal fields where record oil prices makes drilling profitable.
Investment plans are underway for power plants in the U.A.E. to supply electricity to Ras al Khaimah and other emirates. Gas from West Bukha, about 40 million cubic feet a day, will be delivered through a pipeline to Ras Al Khaimah.
RAK was selected to bid for oil exploration blocks in Yemen and Angola, and has expressed interest in Iran's oil and gas fields.