Singapore-headquartered Rex International, the majority shareholder in Masirah Oil Limited, said it is eyeing a significant production boost for its Oman asset — offshore Block 50 — based on its appraisal and exploration plans for this year.
In its recent annual report, Rex revealed that the Masirah Oil team would work this year on preparations for drilling and completing additional wells to capture the additional resource at the Block 50 asset. Although the number of wells being targeted in not indicated, “a block-wide review of exploration potential will be performed” and that based on the results of an exploration review at Block 50, “planning of the acquisition of additional targeted seismic will be implemented”.
Aside from it asset in Oman, Rex International also aims to boost production from its other key international assets.
“The group’s long-term target to get to 20,000 barrels of oil equivalent per day remains, but this will be dependent on the availability of rigs and other equipment, particularly for Oman and Malaysia,” the company said.
While Rex is said to be eyeing a significant boost for the Oman asset, based on appraisal and exploration plans, it did not reveal the target.
Oil production in the Yumna field in offshore Block 50 Oman stood at 5, 076 stock tank barrels per day in March, according to the company. The operator added that it continues to “look for investment and development opportunities”, this year in its key assets.
Earlier this year, Masirah Oil announced that it has completed its Q4 2022 drilling campaign in Oman’s Block 50 which comprised a workover of the Yumna-3 well and drilling of the Yumna-4 well offshore Oman.
“The workover of Yumna-3 consisted of replacing the electrical submersible pump in the well,” it stated.
The operator said it “continues to optimise the production facilities and well operations” at the offshore block. “Integration of the data collected during the drilling of the Yumna-4 well into the subsurface field model has expanded the potential resource,” it said.
Last year, the company carried out several initiatives with the goal of unlocking Block 50’s hydrocarbon potential. These included upgrading production facilities at the Yumna field and replacing the previous floating storage tanker and replacing the mobile offshore production unit to handle increased production.
Masirah Oil is the operator and holds 100% equity in Oman’s Block 50, covering an area of more than 17,000 square kilometres.
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