UAE

Intoil Signs Farmout Agreement for Sharjah's Mubarek Field 

MEES learns that the Bahrain-based private oil group Intoil has entered into a farmout agreement with Buttes Gas and Oil International and Neste Oy of Finland for a drilling program in the offshore Mubarek oilfield in Sharjah. Intoil was set up in May 1984 with an authorized capital of $60mn and a paid up capital of $16.5mn, and its purpose is to engage in petroleum exploration and production, leading eventually to...