Oman news

Oil and Gas - - CONTENT -

The Gov­ern­ment of the Sul­tanate of Oman, Oman Oil Com­pany Ex­plo­ration and Pro­duc­tion LLC (OOCEP) and Oc­ci­den­tal Ha­far LLC (Oxy), a sub­sidiary of Oc­ci­den­tal Pe­tro­leum Cor­po­ra­tion, en­tered into an Ex­plo­ration and Pro­duc­tion Shar­ing Agree­ment (EPSA) for Block 30, lo­cated in the Dakhiliya re­gion on­shore Oman. The sign­ing cer­e­mony took place at The Min­istry of Oil & Gas, un­der the aus­pices of HE Dr. Mo­hammed Al Rumhi, the Min­is­ter of Oil & Gas. Sign­ing the agree­ment on be­half of OOCEP was Eng. Isam bin Saud Al Zad­jali the CEO of Oman Oil Com­pany S.A.O.C; while Sandy Lowe, Group Chair­man Mid­dle East, signed on be­half of Oxy.

Block 30 was awarded to Oxy and OOCEP fol­low­ing an in­ter­na­tional bid round process launched in Oc­to­ber 2016.The Block is lo­cated in the North­East moun­tain­ous re­gion of Oman, ap­prox­i­mately 200 km south­west of Mus­cat and cov­ers an area of 1185 sq km. It con­tains four dis­cov­er­ies made by sev­eral op­er­a­tors un­der pre­vi­ous agree­ments namely the Nadir, Al Sahwa, Ha­far fields and the Ham­rat AlDuru field.Pur­suant to the EPSA, Oxy is the Op­er­a­tor of Block 30 and holds a 72.86% stake while OOCEP holds the re­main­ing 27.14% stake in the Block. Com­ment­ing on the agree­ment, Isam Al Zad­jali, the CEO of OOC said, “The con­ces­sion area was awarded to OOCEP and Oxy in a joint bid that was pre­sented as part of the Oman 2016 In­ter­na­tional Bid Round. Both OOCEP and Oxy have ex­ten­sive ex­plo­ration and pro­duc­tion ex­pe­ri­ence in the area”

“Oc­ci­den­tal has been pro­duc­ing in Oman for over 30 years and is the largest in­de­pen­dent oil pro­ducer op­er­at­ing in the Sul­tanate. They also op­er­ate Blocks 27 and 62, which are ad­ja­cent to Block 30. As such, they, like us, have ex­ten­sive ex­pe­ri­ence in the area. We are look­ing for­ward to ex­pand­ing our part­ner­ship and work along­side Oxy in Block 30,” added Ayad Al Balushi, Di­rec­tor of Fi­nance at OOCEP.

OOCEP cur­rently op­er­ates three blocks in Oman (60, 42 & 48) and is a par­tic­i­pant in a num­ber of joint ven­tures, some of which are large scale projects in the Omani up­stream land­scape such as the Khaz­zan tight gas project op­er­ated by BP, the Mukhaizana field and Block 9 both of which are op­er­ated by Oxy.

Newspapers in English

Newspapers from Oman

© PressReader. All rights reserved.