Uncategorized
Ministry of Oil and Gas signs new Exploration and Production Sharing Agreement

The Ministry of Oil and Gas has signed a new Exploration and Production Sharing Agreement (EPSA) with Hydrocarbon Finder today. The agreement was signed between His Excellency Dr Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas and Suleiman Mohammed Yahya Al Adawi the Chairman of the company.
Under the agreement the company will explore and produce Hydrocarbon in Block 7, which occupies an area of 2,331 km2 and located in Governorate of Al-Wasta. The Block is one of the producing blocks in Oman with three oil fields that added oil production in Oman during the past decade.
The commitments of the company under this agreement are to reinterpret the existing data, acquire 3D seismic surveys, perform studies, operational support and drilling a number of development and exploration wells.
The Ministry of Oil and Gas said that the company’s efforts would be crowned with success in discovering hydrocarbons, which will increase reserves and production rates in the country.
Oman is highly dependent on its hydrocarbons sector. In 2014, Oman’s hydrocarbons sector accounted for 84 per cent of government revenues and 47 per cent of Oman’s gross domestic product, according to the Central Bank of Oman.
In 2015, Oman Oil Company Exploration and Production (OOCEP) reported continued progress in exploring the hydrocarbon potential of its Block 60 concession in central Oman. Block 60, a roughly 1,580-sq km concession is home to the prolific Abu Butabul tight gas field, which was successfully brought into operation in 2014 — the culmination of a $1.2 billion investment by OOCEP in this landmark project.
-
Banking & Finance2 weeks ago
Oman Arab Bank Announces Increase of Authorised Capital to RO500mn and Paid‑In Capital Boost of RO50mn
-
Renewables2 months ago
Jindal Renewables and OQ Alternative Energy Sign Joint Development Agreement to Advance Integrated Renewable Power Projects in Oman
-
Bahrain2 weeks ago
SPIEF 2025 focused on global and regional economic processes, market transformation, new tech, investment climate, financial policy and people
-
Alamaliktistaad Magazines1 month ago
Al-Iktisaad, May 25
-
OER Magazines1 month ago
OER, May 2025
-
Leaders Speak2 months ago
OERLive SPOTLIGHT: Oman Sustainability Week 2025 and Oman Petroleum & Energy Show
-
Banking & Finance1 month ago
Central Bank of Oman Issues Regulatory Framework for Digital Banks
-
Banking & Finance2 months ago
Alizz Islamic Bank Partners with Al Tawasul Institute for Specialised Training Programme to Empower Job Seekers with Hearing Impairments
You must be logged in to post a comment Login