OOCEP Agrees to Sell 10 percent Stake in Block 61 to PETRONAS

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