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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oxy Oman is operator of Block 30 with 72.86 per cent stake

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Business Reporter -


MUSCAT, NOV 15 -


Bolstering its presence in Oman’s energy sector, Occidental of Oman (Oxy) has been named operator of Block 30 with a 72.86 per cent stake in the concession, an Exploration & Production Sharing Agreement (EPSA) for which was signed on Tuesday.


Parties to the EPSA pact were the Government of the Sultanate of Oman, Oman Oil Company Exploration and Production LLC (OOCEP) and Occidental Hafar LLC (Oxy), a subsidiary of Occidental Petroleum Corporation.


The signing ceremony took place under the auspices of Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas. Signing the agreement on behalf of OOCEP was Eng Isam bin Saud al Zadjali the CEO of Oman Oil Company SAOC; while Sandy Lowe, Group Chairman Middle East, signed on behalf of Oxy.


Pursuant to the EPSA, Oxy was designated the operator of Block 30 with a 72.86 per cent stake while OOCEP holds the remaining 27.14 per cent stake in the Block. Block 30 was awarded to Oxy and OOCEP following an international bid round process launched in October 2016.


Commenting on the agreement, Isam al Zadjali, the CEO of OOC said, “The concession area was awarded to OOCEP and Oxy in a joint bid that was presented as part of the Oman 2016 International Bid Round. Both OOCEP and Oxy have extensive exploration and production experience in the area”


“Occidental has been producing in Oman for over 30 years and is the largest independent oil producer operating in the Sultanate. They also operate Blocks 27 and 62, which are adjacent to Block 30.


As such, they, like us, have extensive experience in the area. We are looking forward to expanding our partnership and work alongside Oxy in Block 30,” added Ayad al Balushi, Director of Finance at OOCEP.


The Block is located in the North-East mountainous region of Oman, approximately 200 km southwest of Muscat and covers an area of 1,185 sq km. It contains four discoveries made by several operators under previous agreements namely the Nadir, Al Sahwa, Hafar fields and the Hamrat Al Duru field.


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