Oman
The offshore Block 50 concession in Oman is a key asset of the Group. An oil discovery in the GA South well was made in 2014, the first offshore discovery east of Oman, after 30 years of exploration activity in the area. The Group achieved first oil in February 2020 and Declaration of Commerciality in July 2020.
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Norway
Rex International Holding Group has been holding interests in licences in Norway since 2013. In 2019, subsidiary Lime Petroleum AS made its maiden divestment of its interests in the Rolvsnes discovery and related assets for a consideration of US$45 million. It then participated in the drilling of the Shrek prospect in the Norwegian Sea, which yielded an oil and gas discovery [...]
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Benin
Akrake Petroleum SA, a subsidiary of Rex International Holding, secured a 76% interest in Benin's Block 1, Sèmè Field in 2023. The offshore Sèmè Field, discovered in 1969 and previously developed by Saga Petroleum, covers 551 sq km in shallow waters. Production was halted in 1998 due to low oil prices. There are plans to revive production, using Rex’s cost-effective jack-up Mobile Production Unit (MOPU) and Floating Storage Unit (FSO) system, which has been tried and tested with success in the Yumna Field in Oman.
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Technology-based subsidiaries
The Group’s ethos has always been rooted in technology and scientific innovation. Rex’s technology-based subsidiaries include Xer Technologies Pte Ltd, which is in the heavy-duty commercial drone business, and Rex Virtual Drilling, the Group’s proprietary liquid hydrocarbon indicator, with which the Group uses to de-risk its portfolio of oil & gas exploration and development assets.
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