Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 29): Petroliam Nasional Bhd (Petronas), through its subsidiary PC Oman Ventures Ltd (PCOVL), has acquired a 10% stake in Block 61, onshore Oman from Makarim Gas Development LLC (MGD), a unit of Oman Oil Co Exploration & Production LLC (OOCEP).

Petronas said the acquisition of Block 61 marks an important step in realising the national oil major's growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply.

In a statement today, Petronas said the completion of the transaction was formalised at an event held in Muscat, Oman on Thursday (Dec 27). On Oct 21, it was reported that OOCEP had agreed to sell the 10% stake to PCOVL, but the deal was subject to approval from the Sultanate of Oman’s government and other closing conditions.

With the completion, PCOVL now holds a 10% stake while MGD holds a 30% stake and the operator BP Exploration (Epsilon) Ltd owns the remaining 60% stake.   

Block 61 is reportedly one of Oman's largest unconventional gas projects, aiming to produce around 1.5 billion cubic feet of gas daily by 2020.

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