Oman awards exploration block to Oxy

Mar 03, 2019
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Oman’s oil ministry signed an agreement with Occidental Petroleum (Oxy), awarding it a new onshore block for exploration and production.

Oxy will gather 2D and 3D seismic data and drill wells as part of the production sharing agreement for Block 72, which covers an area of 3520 square kilometres. The investment cost is estimated at US$59 million, Oman’s Ministry of Oil and Gas said, according to a statement on the state news agency.

The deal was signed between H.E Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas and Vicki Hollub president and chief executive officer of Oxy, the ministry announced on Twitter.

In December, Oman signed two agreements giving Occidental Petroleum the rights to explore for oil and natural gas in concessions 51 and 65.