The Oman Ministry of Oil and Gas has signed an agreement with Houston-headquartered Occidental Petroleum
The agreement covers the exploration and production of hydrocarbons in Block 72, which spans an area of 3,530 sq km.
The agreement was signed by Oil and Gas Minister Mohammed bin Hamad Al Rumhi and Occidental Petroleum CEO Vicky Hollub.
The company will carry out seismic surveys and will drill exploratory wells. The first phase will last four years and will consist of three seismic surveys, costing US$35mn. The second phase will last three years and will include the drilling of three additional wells, costing US$24mn, Kallanish Energy reported.
In December, Oman signed two agreements giving Occidental Petroleum the rights to explore for oil and natural gas in concessions 51 and 65.
The Middle East accounts for 45 per cent of Occidental’s operations.
