Project Profile
Value: US$1 billion
Location: Block 64, Oman
Area: 3,874 sq. km
The Oman Ministry of Oil & Gas created Block 64 to stimulate additional exploration for non-associated gas and condensate in an area where Petroleum Development of Oman is currently producing oil. Oman, like many nations in the Gulf region, is attempting to discover and develop natural gas to generate power for industrial diversification. Given the global supply and demand fundamentals for natural gas and oil, it makes sense for Oman to use domestic natural gas, which is less costly than oil on an energy-equivalent basis, to power non-oil industry while maintaining oil exports.
Operator:
Harvest Natural Resources: Operator with 80% interest
Oman Oil Company: 20 % interest (exercised option to back-in with 20% interest if natural gas is discovered)
Contractor:
MB Petroleum Services LLC: Drilling contractor
Dodsal: Steam injection contract