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FINANCIAL NEWS
BP to seal Omani Block 61 deal in 2013
03 Dec 2012
(MENAFN) A BP official said that the deal between the company and the Omani Ministry of Oil and Gas to develop Block 61 tight gas fields in north-central Oman is expected to seal in 2013, reported Times of Oman.
At the current time, the British oil giant and the ministry are in an advanced stage to complete the agreement.
Once the agreement is concluded, the company will start the development of gas-rich Khazzan and Makarem fields, with a capital spending of USD24 billion.
The company said that the project’s first phase spans over a 25 year-concession period, with the aim of producing 6.7 trillion cubic feet (TCF) of natural gas (1 billion standard cubic feet of gas on daily basis).
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