Oman signs oil concessions agreement with British Gas

Apr 30, 2006 02:00 AM

Oman signed a $ 150 mm oil concessions agreement with British Gas (BG) Group in Abul-Tuboul in the central region covering 1,500 km.
According to the agreement, BG is to adhere to a certain period allocated to exploration which incorporates evaluation wells and seismic surveys aimed at estimating gas reserves in the area.

The Omani government is to bear no investments risks during this period.
Omani Oil Undersecretary said that the agreement is of great importance to the country as it allowed for a large British company to enter the market. He added that Abul-Tuboul is one of the sultanates largest oil fields and may hold as much as 8 tn sq meters of gas that may need special technology to extract.

He also said that developing the field would be completed in two phases over the next five years, beginning with digging wells and preparing geological reports, followed by the implementation of a detailed plan that would be carried out in cooperation with the Ministry of Oil and Gas.
The undersecretary hoped the project would be a success and that the country's reserves and production rates would be increased.

BG is one of the largest international petroleum companies working in gas development and production and has similar activities in more than 20 countries.
Oman currently products 700,000 barrels of oil per day.

Source: PIN/KUNA
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