RAK Petroleum reported a slide in profits for the first half of the year, impacted by losses at its subsidiary DNO, coupled with a low oil price environment.
The Oslo-listed company reported a 15 per cent drop in profits for the first six months of the year to US$2.8 million compared to $3.3m the year earlier.
RAK Petroleum owns a 40 per cent stake in Norwegian oil and gas firm DNO and a 33 per cent interest in Foxtrot International, a privately held company that produces 75 per cent of the Ivory Coast's gas needs from offshore fields in the Gulf of Guinea.
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DNO restarts spending in Kurdistan, picking up Exxon stake
DNO strikes a new deal in Kurdistan as profits slump in Q2
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DNO has struggled recouping outstanding arrears from the Kurdistan Regional Government (KRG). However, regular payments - including Thursday’s $34.75m for June deliveries - and a new agreement between the parties have resulted in DNO kickstarting its investment in the area.
The Norwegian company announced last week that it picked up half of ExxonMobil’s stake in the Baeshiqa licence on the heels of signing a “landmark agreement” with the KRG to offset arrears. The new terms give DNO a 20 per cent interest from the KRG in the Tawke licence, bringing the company’s operated stake to 75 per cent.
The licence includes the Tawke and Peshkabir fields, producing more than 100,000 barrels of oil per day.
RAK Petroleum’s half year report said that DNO will also receive a monthly sum from the KRG equal to 3 per cent of gross licence revenues for a period of five years as further payment towards the receivables. In addition, DNO is no longer on the hook for funding a $150m water purification plant that the government had initially deemed necessary.
Meanwhile,RAK Petroleum received $14.4m in cash distributions from Foxtrot and reinvested $2.5m toward capital and operating expenditures.
RAK Petroleum said that the principal risks and uncertainties facing the company remain largely unchanged. However, it said that successes in recent military campaigns against ISIL in Iraq and Syria, as well as DNO’s new deal with the KRG, “reduce the risk to DNO and improve the overall oil and gas investment climate in Kurdistan”.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
How green is the expo nursery?
Some 400,000 shrubs and 13,000 trees in the on-site nursery
An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo
Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery
Approximately 340 species of shrubs and trees selected for diverse landscape
The nursery team works exclusively with organic fertilisers and pesticides
All shrubs and trees supplied by Dubai Municipality
Most sourced from farms, nurseries across the country
Plants and trees are re-potted when they arrive at nursery to give them room to grow
Some mature trees are in open areas or planted within the expo site
Green waste is recycled as compost
Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs
Construction workforce peaked at 40,000 workers
About 65,000 people have signed up to volunteer
Main themes of expo is ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.
Expo 2020 Dubai to open in October 2020 and run for six months
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
