Energy
Majan Energy To Develop Habhab Ultra-Heavy Oilfield In Oman

The Ministry of Energy and Minerals today signed a new Exploration and Production Sharing Agreement (EPSA) with Majan Energy, offering the firm concession to develop Block 71, a stretch of 282 square kilometres.
The agreement was signed on behalf of the government by Dr. Mohammed Hamad al-Rumhy, Minister of Energy and Minerals (MEM), and Eyhab al-Haj, Chairman, Majan Energy LLC.
The company will conduct geological and geophysical studies, drill appraisal and pilot wells and use enhanced oil recovery (EOR) to evaluate and produce the ultra-heavy crude in the Habhab field.
Dr. Salman Mohammed al-Shidi, Director General of Oil and Gas Investments Affairs, MEM, said that Habhab oilfield of Block 71 is a promising reservoir, which the company will take three to five years to explore, using new technologies.
In a statement to the Oman News Agency (ONA), al-Shidi said that Majan Energy will work with partners from China to use the latest technology, and that the company will invest US$15-20mn to conduct its tasks, including the drilling of wells.
The Ministry of Energy and Minerals hopes that the company will meet with success in its endeavours to discover hydrocarbons, which will boost reserves and production rates in the country.
Majan Energy’s Eyhab al-Haj expressed his delight over the trust vested on the company to develop Habhab oilfield.
-
Banking & Finance1 month ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
OER Magazines2 months ago
OER, May 2025
-
Bahrain1 month ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
-
Banking & Finance2 months ago
Central Bank of Oman Issues Regulatory Framework for Digital Banks
-
Banking & Finance3 weeks ago
National Finance Reinforces Position as Partner for Growth, Offers a Comprehensive Product Suite to Support Customer Ambitions
-
Insurance2 months ago
Liva Insurance Sets New Benchmark with ‘Innovative Insurer of the Year’ Award at the New Age Banking Summit 2025
-
Energy4 weeks ago
Russian Energy Week from October 15-17, 2025 offers alternative formats of cooperation
-
Banking & Finance1 month ago
The Future of the International Financial System to be discussed at SPIEF 2025