Muscat: The Ministry of Oil and Gas today 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 3530 square kilometers. The agreement includes two phases and its investment cost stood at USD 59 million.
The agreement was signed in the Ministry of Oil and Gas 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