Oman’s Ministry of Energy and Minerals has signed a new exploration and production sharing agreement (EPSA) with Majan Energy, offering the firm concession to develop Block 71, a stretch of 282 sq km. The agreement was signed on behalf of the government by Dr Mohammed Hamad al-Rumhy, Minister of Energy and Minerals (MEM), and Eyhab al-Haj, Chairman, Majan Energy, reported Oman News Agency (ONA). The company will conduct geological and geophysical studies, drill appraisal and pilot wells and use enhanced oil recovery (EOR) to evaluate and produce the ultra-heavy crude in Habhab field. Dr Salman Mohammed Al-Shidi, Director General of Oil and Gas Investments Affairs, MEM, said that Habhab oilfield of Block 71 is a promising reservoir, which the company will take 3 to 5 years to explore, using new technologies. Al-Shidi said that Majan Energy will work with partners from China to use the latest technology, and that the company will invest $15-20 million in its tasks, including the drilling of wells, according to the ONA report. ...read more...
SectorOil & Gas