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    Oman Oil Company May Get 40% Stake in Block 61 Tight Gas Deal

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Summary

Oman Oil Company (OOC) is likely to get a 40 per cent stake in BP Oman upon completion of agreement on development of Block 61 tight gas reserves. The deal for development of the tight gas reserves is expected to be inked later this year.

by: Shardul

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Asia/Oceania

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Oman Oil Company May Get 40% Stake in Block 61 Tight Gas Deal

Oman Oil Company (OOC) is likely to get a 40 per cent stake in BP Oman upon completion of agreement on development of Block 61 tight gas reserves. The deal for development of the tight gas reserves is expected to be inked later this year.

According to Oman Observer, wholly Omani government-owned company will be a partner in the joint venture.

“Oman Oil will become a partner when commerciality is declared. Then BP Oman (the block’s licensee) will be owned 40 per cent by Oman Oil and 60 per cent by BP,” Oman's Oil & Gas Minister Dr Mohammed bin Hamed al Rumhy said in Muscat on Monday.

The goal is to develop and operate a 1 billion cubic feet per day (bcf/d) tight-gas development. The target start-up is the first-quarter of 2017 with a 30-year operating period with a possible 10 year extension.

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