| 17 Oct 2009 |
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Oman Oil and Reliance Industries join together for exploring and developing offshore Oman
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17 October 2009
Oman Oil Company Exploration and Production (OOC EP) and Reliance Exploration and Production DMCC, Dubai (REP DMCC) recently signed the Farm Out and Joint Operating Agreement, under which OOC EP will have stakes of 30% and 25% in blocks 18 and 41 offshore Oman respectively. Under these Agreements, the two companies will commence joint exploration activities in the Blocks. The Agreements were signed by H.E. Maqbool Ali Sultan, the Minister of Commerce and Industries and Chairman of Oman Oil CompanyOman Oil Company
S.A.O.C on behalf of OOC EP and Mr. Atul Chandra, Director of REP DMCC. “I am very excited about the prospect of Oman Oil Company Exploration and Production being involved in such large scale activities in the Gulf of Oman” commented H.E. Maqbool Ali Sultan; “Reliance Exploration and Production are a solid partner and I look forward to a long and mutually rewarding relationship in which we will explore the hydrocarbon treasures that lie below the waters of the sea of Oman”.
Oman offshore Blocks 18 and 41; located in the Sea of Oman, were awarded to Reliance Industries Limited on the basis of Exploration and Production Sharing Agreements (EPSA) signed on 12-March-05 and 26-December-07 respectively. Under the terms of the EPSA’s, OOC EP will have future provision in both blocks to increase its participating interest up to 50%.
The Joint Operating Agreement provides a basis to establish a joint operating company to be managed by the two companies upon a commercial discovery being established in Block 18. Under the terms of the contract, both companies will co-develop a program to cover all aspects of Block 18 exploration and development, including sub-surface and surface studies and will closely monitor the work undertaken by partner companies.
OOC EP is a commercial company, wholly owned by Oman Oil CompanyOman Oil Company
S.A.O.C. The company was created in 2009 to manage existing OOC upstream assets and future investment opportunities in the hydrocarbon exploration and production both inside and outside Oman.Reliance Group is India's largest private sector enterprise, with businesses in energy, petrochemicals and the materials value chain. Reliance Industries Limited (RIL), the Group's flagship company, lists among the Global Fortune 500 companies. Dubai based 100% subsidiary of RIL, REP DMCC, is engaged in the business of exploration and production of natural resources; primarily oil & gas outside India. REP DMCC’s portfolio consists of 14 blocks spread across Oman, Yemen, Kurdistan Region of Iraq, East Timor, Peru, Australia and Colombia. In Oman, REP DMCC owns two blocks in Sohar Basin, namely Block 18 and Block 41, both located offshore Batinah coast.
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© Press Release 2009
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