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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Masirah Oil eyes early production from Block 50

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MUSCAT, JUNE 3 - Masirah Oil Limited (MOL), the operator and 100 per cent owner of Block 50 offshore Oman’s east coast, is weighing plans for the appraisal and early development of potential hydrocarbon resources in the concession.


It follows the completion last week of an exploratory well that confirmed the presence of a working petroleum system —the first such hydrocarbon discovery off the Sultanate’s eastern seaboard.


The Karamah#1 well was drilled by the cantilever jack-up rig Aban VII to a total depth of 3,320 metres, with hydrocarbon shows in several stratigraphic zones. The target was formations located about 13 kilometres from the groundbreaking GAS-1 well which, in early 2014, stumbled upon hydrocarbons for the first time in the 17,000 sq kilometre concession.


Commenting on the new findings garnered from the latest well, a top official representing one of the key stakeholders in Masirah Oil Limited, said: “We are encouraged by the further proof of prospectivity and active petroleum system in this vast block, confirmed by results from our last three wells GAS-1, Manarah-1 and Karamah#1. Now that the exploration phase in Block 50 is concluded, the next phase will be to draw up plans for appraisal and possibly early production from the block as soon as possible,” Dan Broström, Executive Chairman of Rex International Holding Limited, stated.


In a statement, Broström said the hydrocarbons found during drilling had validated predictions derived from the company’s proprietary Rex Virtual Drilling technology.


According to Masirah Oil, an extensive logging programme was conducted throughout the drilling operation, which further proved the presence of a working petroleum system in the block.


Masirah Oil Limited is owned by Rex Oman Ltd (88.90 per cent), Lime Petroleum Plc (0.90 per cent), Petroci Holdings (5.20 per cent) and Schroder & Co Banque SA (5.00 per cent).


Significantly, confirmation of the presence of the petroleum system off the eastern seaboard buoys hopes for new hydrocarbon finds in Oman’s largely unexplored offshore domain.  Adjacent to Block 50 on its southern boundary is Block 52, the largest of Oman’s oil and gas concessions, which was jointly awarded last month to Italian supermajor Eni and Oman Oil Company Exploration & Production (OOCEP).


— By Conrad Prabhu


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