FINANCIAL NEWS

Oman’s Khazzan gas field USD4b contracts to be granted by 2016

07 Apr 2015

(MENAFN) Oman-based Khazzan gas field development contracts worth USD4 billion will be granted for local or international companies by the year of 2016, Times of Oman reported.

Thus far, a sum of around USD259 million of contract have been granted to native Omani firms since the year of 2013, which adds up with the country’s pledge of supporting domestic companies.

The total value for the whole gas field is assessed at USD16 billion, and the most primal mission is to extract around one billion cubic feet (bcf) per day of gas, which entails drilling around 300 wells over 15 years.

“About USD4 billion worth of contracts have been awarded. Some of the remaining ones will be awarded throughout the project, but a lot of them will be awarded this year and next year,” the chief operating officer at BP Oman said.

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