‘Huge potential’ for both development and exploration, trailblazer Sara Akbar tells Capital Compass
CALGARY, Canada (Oct. 8, 2024)—Sara Akbar is bullish on Iraq. And given her experience and knowledge, who’s going to doubt her?
Ms. Akbar, the board chairwoman for Sonoro Energy and a Kuwaiti by birth, has been a trailblazer for much of her life.
Kuwait’s first female oil-and-gas field engineer in 1981. The only woman on a team of oil-well firefighters during the Gulf War, her courage earning her praise as a “national hero.”
A tireless advocate for women’s rights in the Middle East. The first woman to hold a leadership position in the region’s oil and gas industry, as co-founder of the tremendously successful Kuwait Energy Company.
And now, leveraging her connections and experience to lead Sonoro Energy (TSX-V: SNV) into Iraq.
“I’m very passionate about business in Iraq. It is the one country in the world where you have huge potential for both developmental fields and exploration,” says Ms. Akbar, who recently joined the Market Online’s Capital Compass program to discuss Sonoro’s aspirations in the Middle East-North Africa (MENA) region.
“Recently the Iraqi Oil Minister was in Washington and Houston. They are trying to invite American companies to come and explore for oil and gas in Iraq. The Iraqi government wants more American and Western companies. This is a beautiful opportunity for Sonoro Energy because we are seriously looking at a couple of opportunities there, like we did with Kuwait Energy,” she says.
After successfully drilling and establishing a producing Cold Heavy Oil Production with Sand (CHOPS) well in Saskatchewan, using a proven innovative multilateral horizontal well technology, Sonoro’s gaze is now squarely trained on MENA for engineering and procurement opportunities.
“That’s one of the main reasons why I’m actually on the board of Sonoro Energy. I believe a company like Sonoro can have great opportunities here. Not only in the light oil and gas areas, but even with heavy oil,” says Ms. Akbar.
Currently a partner with OILSERV Kuwait, Ms. Akbar had a large influence on choosing Greg Renwick as Sonoro’s Chief Executive Officer at the end of July, having previously worked with him in the region.
“He always amazed me on his investment decisions and his ability to identify good opportunities, evaluate them and actually capture them,” she says.
“I couldn’t think of anyone better than Greg (as CEO) because of that actual experience I had with him. That’s why I asked Greg to come on board and, together, create magic here.”