Royal Decree ratifies Maha Energy’s stake sale in Block 70
Published: 02:12 PM,Dec 13,2022 | EDITED : 06:12 PM,Dec 13,2022
MUSCAT, DEC 13
Swedish upstream energy firm Maha Energy has announced that its sale of a 35 per cent participating interest in Oman's Block 70 to Mafraq Energy LLC has been approved by the Omani authorities following the issuance of Royal Decree 74/2022.
Block 70, located in central Oman, is a 639 km2 onshore block that includes the shallow undeveloped Mafraq heavy oil field. The Block is located in the middle of the oil producing Ghaba Salt Basin.
Following the completion of the transaction, Maha will retain 65 per cent participating interest and will remain the operator of Block 70.
The Mafraq field – estimated to hold around 35 million barrels of recoverable oil – is the main hydrocarbon prize in Block 70, which Maha Energy acquired as part of the 2019-20 licensing round of the Ministry of Energy and Minerals.
Last month, Maha Energy revealed that pair of wells targeting the Mafraq heavy oilfield yielded positive results in the form of “strong oil shows”. In a statement, Maha Energy CEO Jonas Lindvall said production testing of the wells will commence as soon as transportation and processing agreements are finalised and approved by the Omani government.
Swedish upstream energy firm Maha Energy has announced that its sale of a 35 per cent participating interest in Oman's Block 70 to Mafraq Energy LLC has been approved by the Omani authorities following the issuance of Royal Decree 74/2022.
Block 70, located in central Oman, is a 639 km2 onshore block that includes the shallow undeveloped Mafraq heavy oil field. The Block is located in the middle of the oil producing Ghaba Salt Basin.
Following the completion of the transaction, Maha will retain 65 per cent participating interest and will remain the operator of Block 70.
The Mafraq field – estimated to hold around 35 million barrels of recoverable oil – is the main hydrocarbon prize in Block 70, which Maha Energy acquired as part of the 2019-20 licensing round of the Ministry of Energy and Minerals.
Last month, Maha Energy revealed that pair of wells targeting the Mafraq heavy oilfield yielded positive results in the form of “strong oil shows”. In a statement, Maha Energy CEO Jonas Lindvall said production testing of the wells will commence as soon as transportation and processing agreements are finalised and approved by the Omani government.