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Qatar Petroleum signs agreement for Block 52 offshore of Oman

Qatar Petroleum signs agreement for Block 52 offshore of Oman”

The company said in a statement that it would become a partner in 30 per cent of the contractor's share of exploration and production participation in the 52nd offshore area off the Sultanate of Oman.

Block 52, which is largely underexplored, has an area of more than 90,000 km2 and is located in water depths ranging from 10 meters to over 2,000 meters.

The signing ceremony was attended by the Minister of Oil and Gas of Oman, Mohammed bin Hamad Al Rumhi, OOC CEO, Isam Al Zadjali, Eni's CEO, Claudio Descalzi, and Qatar Petroleum's President and CEO, Saad Sherida Al Kaabi.

Under the E&P sharing agreement, Eni will be operator of Block 52 with an initial 85% stake, with the rest held by a subsidiary of state-owned Oman Oil Co., but Eni's sale of 30% of the block to Qatar will reduce its stake to 55% once completed.

Qatar Petroleum is a government company responsible for the development of gas and oil projects in Qatar. The contractor parties will soon embark on executing an exploration programme involving the acquisition and processing of 3D seismic, which will be followed by exploration drilling.

"We wish to establish with the Sultanate of Oman, which is a historical oil and gas producer in the region, a long-lasting relationship in the best tradition of Eni", he added. This agreement represents a stepping-stone towards further mutually rewarding opportunities, where we hope that our cooperation will bring benefits to all involved especially to the Omani oil and gas sector and the people of Oman.

The financial details of the agreement weren't disclosed.

A profile of production from economists at the Organization of Petroleum Exporting Countries said it expected oil output from Oman to decline by about 4,000 barrels per day for the year.



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