Muscat, Oman Oil Company Exploration and
Production (OOCEP) has agreed to sell a 10 percent stake from the
total value of Block 61 Khazzan, onshore Oman, to PC Oman Ventures
Limited, a wholly owned subsidiary of Malaysian company Petroliam
Nasional Berhad (PETRONAS).
OOCEP, through its subsidiary Makarim Gas Development LLC,
currently holds a 40 percent stake in Block 61, whereas, the operator
BP Oman bears the remaining 60 percent. The completion of the
transaction is subject to approval from the Sultanate of Oman’s
government and other closing conditions.
Block 61 is one of the largest unconventional gas projects, aiming
to produce around 1.5 billion cubic feet of gas daily by 2020.
OOCEP is an Omani oil and gas company that was founded in
2009. It is a subsidiary of Oman Oil Company S.A.O.C, the Sultanate’s
investment arm in the energy and related sectors and is wholly owned
by the Government of Oman. OOCEP is currently focusing on
upstream investments locally as well as internationally and building
partnerships to optimise operations and foster opportunities.
OOCEP currently operates blocks in Oman namely, 60, and 48
and being active in a number of key joint ventures such as the
Khazzan which is operated by BP, the Mukhaizana field and Block 9
both of which are operated by Oxy, Block 52 which is Operated by Eni.
Source: Oman News Agency