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Oman: Mukhaizna crude pact aims at 150,000bpd by 2011

Source: Times of Oman 6/22/2005, Location: Middle East

The Sultanate signed yesterday a production sharing agreement (and a joint operating agreement) for the development of the Mukhaizna field with Occidental Mukhaizna LLC, Liwa Energy Ltd, a subsidiary of Mubadala Development Company, Shell Oman Trading Company Limited, Total Oman, Oman Oil Company and Partex (Oman) Corporation.

Dr Mohammed bin Hamad Al Romhi, minister of oil and gas, signed the production sharing agreement (and joint operating agreement) on behalf of the government of the Sultanate and with the companies participating in the new venture at Grand Hyatt Hotel yesterday.

As operator, Occidental Mukhaizna LLC will utilise thermal techniques to develop about 1 billion barrels of Mukhaizna crude and achieve a production of 150,000 barrels per day by 2011, according to a statement by the Ministry of Oil and Gas. Through this new pact, Occidental Mukhaizna will have 45 per cent shares of the joint venture, 20 per cent by Oman Oil Company, 17 per cent by Shell Oman Trading Company Limited, 15 per cent by Liwa Energy, two per cent by Total Oman and one per cent by Partex (Oman) Corporation.

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