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OMAN SIGNS OIL AGREEMENTS WITH GROUP OF INT’L COMPANIES

Asia Pulse: OMAN SIGNS OIL AGREEMENTS WITH GROUP OF INT’L COMPANIES

MUSCAT, June 22 Asia Pulse – The government of the Sultanate Tuesday signed a production sharing agreement (and a joint operating agreement) for the development of the Mukhaizna field with occidental Mukhaizna LLC, Liwa Energy Ltd, a subsidiary of Mubadala Development Company, Shell Oman Trading Company Limited, Total E&P Oman, Oman Oil Company and Partex (Oman) Corporation.

Dr. Mohammed bin Hamad al-Rumhi, Minister of Oil and Gas signed the production sharing agreement (and joint operating agreement) on behalf of the Government of the Sultanate and with the companies participating in the new venture at the Grand Hyatt Hotel.

As operator, Occidental Mukhaizna LLC, will utilize thermal EOR techniques, to develop some 1 billion barrels of Mukhaizna crude and achieve a production of 150,000 barrels per day by 2011, according to a statement by the Ministry of Oil and Gas distributed to journalists after the signing of the agreements.

In the new venture, Occidental Mukhaizna LLC will hold a 45 per cent interest in the PSA, with 20 per cent held by the Oman Oil Company, 17 per cent by Shell Oman Trading Company Limited, 15 per cent by Liwa Energy Ltd, two per cent by Total E&P Oman and Partex (Oman) Corporation one per cent, the statement said.

(ONA)

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