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FINANCIAL NEWS
BP to launch natural gas project in Oman by 2013
15 Dec 2011
(MENAFN) British Petroleum’s (BP) general manager in Oman, Jonathan Evans, said that the firm would launch commercial development of a natural gas project in Oman by February 2013 with an investment between USD15 billion and USD20 billion, reported Times of Oman.
Evans added that the amount would be used to develop the gas field and to drill 300 wells over a course of 15 years, adding that the project would maintain Oman’s current gas output in the medium term, with the ability to increase production the long term.
He also said that production from Block 61, which contains 100 trillion cubic feet of natural gas locked in rocks 5km underground, would start by 2016; moreover, BP would construct a plant able to produce 1.2 billion cubic feet per day over at least 10 years.
It is worth noting that BP spent USD700 million to evaluate deposits of tight gas and is producing at three of nine wells it has drilled.
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