Malaysia’s state-held Petronas has acquired a 10% stake in BP PLC-operated Khazzan subject within the Oman Desert 350 km south of Muscat (OGJ Online, Sept. 25, 2017). Petronas unit PC Oman Ventures will purchase the share in Block 61.

BP at present holds 60% curiosity within the Khazzan undertaking, which encompasses Khazzan and Makarem tight fuel fields. State-owned Oman Oil Co. Exploration & Production (OOCEP) holds 40%.

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“The announcement highlights Petronas’ sturdy urge for food for worldwide enterprise growth and fuel useful resource seize, coming lower than 6 months after it joined Shell’s LNG Canada undertaking,” mentioned Max Petrov, a part of Wood Mackenzie Ltd.’s company evaluation workforce.

“We imagine the corporate is shopping for into the undertaking for its sturdy fuel reserves potential. The measurement of useful resource on Block 61 implies that future phases might be developed, past the present enlargement, offered the companions can safe a purchaser for the extra fuel.”

For Petronas, the sector may contribute 2% of Petronas’ world output by 2023.

For OOCEP, the deal “might be price in extra of $1.three billion,” an essential consideration as spending on Khazzan’s second section, Ghazeer, ramps up, mentioned Liam Yates, WoodMac analyst for the Middle East and North Africa upstream.

“Khazzan just lately celebrated 1 12 months of fuel supply in Oman, with subject output round 1 bcfd. When Ghazeer comes onstream within the early-2020s, output will enhance to 1.5 bcfd,” he mentioned.

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According to OOCEP, greater than 300 wells will probably be drilled over Khazzan subject’s estimated lifetime.

Source: www.ogj.com

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