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Oman signs new exploration and production pact

Business Monday 05/October/2020 16:25 PM
By: ONA
Oman signs new exploration and production pact

Muscat: The Ministry of Energy and Minerals signed a new Exploration and Production Sharing Agreement (EPSA) en route for having the right to explore and develop the concession Block 70, which occupies an overall area of 639 km2.
The agreement was signed on behalf of the Sultanate's government by Dr Mohammed bin Hamed Al Rumhy, Minister of Energy and Minerals, while Talal bin Saif Al-Subhi signed it on behalf of the Swedish Maha Energy (Oman) Company Limited.
The commitment of the company under the agreement is obtaining geological and geophysical studies, reprocess 3D seismic and drill appraisal and Pilot wells to evaluate and produce the heavy oil in Mafraq field in the Block.
The Ministry of Energy and Minerals wishes that the company's efforts will be crowned with success in discovering hydrocarbons which will increase the reserves and the production rates in the country.