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FINANCIAL NEWS
MOL Oman to invest USD30m in block 66
10 Sep 2012
(MENAFN) MOL Oman Ltd Company unveiled plans to invest USD30 million over the next four to six years in early exploration programmes in the recently awarded block 66 concession in Dhofar region, Times of Oman reported.
MOL Oman, a unit of Hungarian oil giant MOL Group, will launch two exploratory drillings to test wells in the onshore concession area, which spans 4,898 sq km, in Al Wusta and Dhofar region.
The group’s executive vice-president Sandor Fasimon estimated oil reserve in the area to be around 200 million barrels.
Block 66 is MOL’s second concession in Oman, after block 43B, which was signed in 2006, Fasimon indicated.
Fasimon added that the first drilling of an exploration well in block 43B will start in next month.
MOL operates in Central Eastern Europe, Russia, Pakistan and Kurdish region of Iraq. It produced 120,000 barrels of oil per day so far this year.
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