Duma Energy acquires Hydrocarb

US-based oil and gas production company Duma Energy has completed the acquisition of the outstanding stock of Hydrocarb. The interim name of the combined company is Duma Hydrocarb Energy.

The merger allows the companies to combine onshore and offshore oil and gas production in the US. They will also share a 90% working interest in a 5.3 million acre exploration concession in northern Namibia.

Duma Hydrocarb, which is conducting active negotiations with several African countries in the prolific East African Rift play, holds a comprehensive oil field services license approved by the Supreme Petroleum Council of the United Arab Emirates (UAE).

Duma Hydrocarb CEO Pasquale Scaturro said: "Now that this acquisition is finalised we plan to work aggressively to optimise our domestic oil and gas production, continue exploration work on our African assets and create an exploration and production company with tremendous upside potential."

Duma Hydrocarb, which is targeting major under-explored oil and gas projects in highly prospective regions of the world, has exploration concessions in Africa, production in Galveston Bay, and oil field services in the UAE.

In August 2012, Duma acquired a 39% working interest in Hydrocarb’s 5.3 million acre Owambo Basin concession located in northern Namibia.

Otaiba-Hydrocarb, a wholly-owned subsidiary of Hydrocarb Energy, offers a wide range of oil industry services to the lucrative Middle East sector. Abu Dhabi is investing approximately $40bn to maintain and increase its reserve base, which receives an approximately $100bn annual revenue from oil production.