Oman, Occidental Ink Two Exploration Agreements
Oman December 16 signed two oil and gas exploration agreements with Houston-based Occidental Petroleum, state owned Oman News Agency reported the same day.
The first agreement, pertaining to Block 51, was signed between the Omani oil ministry and Occidental Oman. The second, related to Block 65, was signed between Occidental Oman and Oman Oil Company Exploration and Production (OOCEP).
According to Time of Oman, a total of $65mn will be invested in the two projects over six years. The first phase, spread over three years, will see investment of $38mn and the remaining will be invested in the second phase, which will also stretch over three years. A total of five wells will be drilled in Block 51 over the two phases while nine well will be drilling in Block 65.
Block 51, which occupies an area of 10,133 km2, has potential for gas while Block 65, which has an area of 1,230 km2, has potential for oil.