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Oman-Oil.com: Oman Oil Company Signs Caspian Offshore PSA with Kasakhstan’s Ministry of Energy and Mineral Resources

Thursday, December 14, 2006 )
Astana – Oman Oil Company S.A.O.C. entered into a Production Sharing Agreement through its subsidiary company Oman Pearls Company Limited (OPCL) with Kazakhstan’s Ministry of Energy and Mineral Resources and Kazakhstan’s National Oil Company KazMunaiGaz at a signing ceremony held at the Ministry of Energy and Mineral Resources in Astana, Kazakhstan.
The Production Sharing Agreement was signed by H.E. (Dr.) Mohammed Bin Hamed Al Rumhy, Oman’s Minister of Oil and Gas and Vice Chairman of Oman Oil Company and by H.E. Vladimir Shkolnik, the Minister of Energy and Mineral Resources of Kazakhstan.
On the occasion of the signing, H.E. Dr. Al Rumhy stated that “the signing of this agreement completed the activities contemplated under a multi project agreements signed between the Sultanate of Oman and the Republic of Kazakhstan. He also added that the fulfilment of the parties’ obligations under the long standing agreements between the two nations demonstrates the strong friendly relationship that has developed between the Sultanate of Oman and the Republic of Kazakhstan.”
Pursuant to signing of the Production Sharing Agreement, OPCL and KazMunaiGaz signed an agreement to transfer 55% of the interest in the Pearls Blocks to Shell E&P Offshore Ventures. Following approval of the transfer by the Republic of Kazakhstan, OPCL will hold a 20% equity interest in the project and the remaining 25% will be held by KazMunaiGaz.
The Production Sharing Agreement covers an 895sq km exploration license covering a group of exploration prospects known as the “Pearls”. The Pearls Blocks are located in the North Caspian Sea, south of the 2001 Kalamkas oil and gas discovery.
Oman Oil Company S.A.O.C. (OOC) is a commercial company 100% owned by the Government of the Sultanate of Oman. The company was created in 1992 to give the Government another vehicle for pursuing investment opportunities in the energy sector both inside and outside Oman. Through participation in energy and energy related projects, OOC plays a role in the Sultanate's efforts to diversify the Omani economy and help generates Omani and foreign private sector investment. In Oman, OOC has interest in numerous projects that are either in operation, under construction or under development. These include gas transmission, petroleum retailing, refining, petrochemicals and aluminium smelting. Outside Oman, OOC has interests in exploration and production, crude oil pipelines and petroleum product logistics.

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