Project Profile
Value: Undisclosed
Location: prolific Salt Basin, Wasta governate, Arabian Sea coast, Oman
Reserves: 370 million barrels
Area: 5,808 sq km
Start-up Year: -
Oman has signed an exploration and production sharing agreement with Indonesian independent explorer MedcoEnergi and Omani service provider Intaj to study and eventually produce from an onshore block on the Arabian Sea coast of Oman. Oman’s oil and gas Minister signed the contract with MedcoEnergi\'s local subsidiary, Medco Arabia and Intaj for the block known as Oman 56 in the Wasta governate. Covering 5,808 sq km and estimated to hold an estimated 370 million barrels Oman 56 is located in the prolific Salt Basin where there have been three identified technical discoveries. Another six potential prospects lie in the block. Medco holds the majority working interest in Oman 56 and is expected to drill three exploration wells in the first half of a six-year exploration campaign. Seismic surveys and geological studies are also expected to be in the first three years. In the next second half of the six-year period, Medco and Intaj will drill two more wells in order to reach commercial viability if the results are successful. The agreement also allows for the companies to withdraw if unsuccessful. Under the agreement, the Omani government will not have any financial liabilities throughout this period.
Operators:
Medco Arabia (subsidiary of MedcoEnergi): Operator with 50% interest
Al Intaj Sulphochemical Ind. Co. L.L.C: 50% interest