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Petronas Acquires 10% Stake in Block 61

Source: Oman Observer 12/31/2018, Location: Middle East

Malaysia’s state-run oil and gas company, Petroliam Nasional Bhd (Petronas), has completed the acquisition of a 10 per cent stake in a gas field in onshore Oman from Oman Oil Company Exploration & Production LLC (OOCEP).

The acquisition was done through Petronas’s subsidiary PC Oman Ventures Ltd in Block 61 from Makarim Gas Development (MGD), after the conditions of the transaction were fulfilled, Petronas said in a statement. MGD is a subsidiary of Oman Oil Company Exploration & Production LLC.

BP Exploration Ltd (Epsilon), the operator of the block holds 60 per cent stake while PC Oman Ventures now holds 10 per cent stake in Block 61. The remaining 30 per cent is owned by Makarim Gas Development.

“The acquisition of Block 61 marks an important step in releasing Petronas’ growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply,” Petronas said in a statement.

Oman’s Khazzan field in Block 61, which started production in September 2017, is one of largest unconventional gas resources in the country and in the Middle East. According to BP, in Phase One of development, the Khazzan field was already producing at design capacity of around 1 one billion cubic feet per day (Bcf/d) and around 35,000 barrels per day of condensate in 2018.

In April 2018, BP announced the development of Ghazeer, the second phase of the giant Khazzan gas field in Oman, expected to come on stream in 2021 and deliver an additional 0.5 Bcf/d and over 15,000 b/d condensate production.

BP further said the two phases are expected to develop an estimated 10.5 trillion cubic feet of recoverable gas resources and around 350 million barrels of condensate through the end of concession period in the Khazzan field.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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