MUSCAT - The partnership of Italian-based energy giant ENI and OQ Exploration & Production (OQEP) of the Sultanate of Oman has been granted a further extension of Phase 1 of its Exploration and Production Sharing Agreement (EPSA) covering Block 47 in Oman’s Al Dakhiliyah Governorate.

The six-month extension — the second such consecutive action — comes in the wake of hydrocarbons encountered during the drilling of a key well in the 8,524 km² licence.

Publicly-traded OQEP, which has a 10% participating interest in the licence, said in a disclosure to the Muscat Stock Exchange (MSX) on Monday that the latest six-month extension extends Phase 1 to March 24, 2025. Under an earlier extension, the Ministry of Energy and Minerals extended the validity of Phase 1 from March 24, 2025, when it was set to originally expire.

The extension enables operator ENI, with a 90% interest, to “conclude post-well technical studies and formulate a firm strategy for Block 47”, Mahmoud al Hashmi, Acting CEO — OQEP, noted in the disclosure.

It follows the drilling of the Najid-1 exploration well that reached a depth of 4,788 metres by late July, yielding “good gas shows” in the Natih reservoir interval. An extensive post-well analysis of well data is now progressing, he added. 

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