Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Agreement to explore Block 72

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MUSCAT: The Ministry of Oil and Gas signed a new Exploration and Production Sharing Agreement (EPSA) with Occidental Oman for having rights to explore and develop oil and gas Block (72), which occupies an area of 3,530 square kilometres. The agreement includes two phases and its investment cost stood at $59 million.


The agreement was signed by Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas, on behalf of the government, and Vicki Hollub, President, Chief Executive Officer (CEO), on behalf of Occidental Petroleum Corporation.


The commitments of the company under the agreement are obtaining geological and geophysical studies, 2D and 3D seismic acquisition and drill wells during exploration periods.


The Ministry of Oil and Gas wishes that the company’s efforts will be crowned with success and increase the reserves and production rates in the country.


 — ONA


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