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FINANCIAL NEWS
Oman OOCEP new project at USD1.1b
21 Mar 2011
(MENAFN) Oman Oil Company Exploration & Production (OOCEP) Chief executive Officer, Salim bin Zahir al Sibani, said that the company is planning an investment worth USD1.1 billion in the development of the gas-rich Abu Butabul newly acquired Block 60 concession, reported Arabian Oil and Gas.
One the project is completed, Al Sibani said that it would have a production capacity of 90 million standard cubic feet per day. Al Sibani also said that the project would be implemented according to a very tight schedule in order to be completed early in 2013.
The CEO said that the project was divided into two phases. The first would invest around USD1 billion for harnessing the unconventional gas reserves of the field over the course of two years. The second phase would drill at least two exploration wells in addition to building supporting infrastructure for the project.
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