Petronas Acquires 10% Stake in Oman Gas Field
Malaysia's state-run oil and gas company Petronas has completed the acquisition of a 10% stake in a gas field in onshore Oman from Oman Oil Co Exploration & Production.
The acquisition was made by Petronas' subsidiary PC Oman Ventures Ltd in Block 61 from Makarim Gas Development, a subsidiary of OOCEP, after the conditions for the completion of the transaction were fulfilled, Petronas said in a statement over the weekend.
PCOVL now holds a 10% stake in the block, Makarim Gas Development holds a 30% stake and BP Exploration (Epsilon) Ltd is the operator of the block with a 60% stake, S&P Global Platts reported.
"The acquisition of Block 61 marks an important step in realizing Petronas' growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply," Petronas added.
The Khazzan field in Block 61 is one of the Middle East's largest unconventional gas resources and started production in late September 2017. In phase one of development, the Khazzan field was already producing at design capacity of around 28 million cubic meters per day and around 35,000 barrel per day of condensate in 2018.
In April 2018, BP announced the development of Ghazeer, the second phase of the giant Khazzan gas field, expected to come on stream in 2021 and deliver an additional 14 mcm of gas per day plus 15,000 bpd of condensate.
source: Financial Tribune
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