Masirah Oil initiates major offshore drilling in Block 50

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MUSCAT: Masirah Oil Limited (MOL) has announced a significant development in its offshore operations in Oman with the commencement of a new drilling programme in the Yumna Field located in Block 50. The company is focused on enhancing production from its wholly-owned Block 50 licence by targeting hydrocarbon prospects in this offshore field off Oman’s east coast.

Under this new initiative, MOL has partnered with Northern Offshore Ltd, a prominent offshore drilling services firm, to deploy a jack-up drilling rig for a multi-well drilling programme. The Energy Emerger drilling rig, with a maximum drilling depth of 9,120 metres, will play a key role in this strategic endeavour.

The drilling campaign will involve the drilling and completion of a new in-field well, as well as workovers of two existing production wells in the Yumna Field. This comprehensive approach aims to maximise the recovery of hydrocarbon resources from the reservoir, ultimately boosting production levels.

MOL's proactive stance towards increasing production is evident in its previous efforts, including a recent drilling campaign that concluded in Q4 2022. During this campaign, the company undertook a workover of the Yumna-3 well and successfully drilled the Yumna-4 well, further demonstrating its commitment to operational excellence and efficiency.

The Yumna Field, which became operational in February 2020, has been a key asset for MOL, marking significant milestones such as the approval of its Field Development Plan and Declaration of Commerciality in July of that year. By the end of 2022, the total production from the field had reached 7.1 million stock tank barrels of oil, highlighting its growing importance in MOL's portfolio.

Additionally, MOL has reported that in February 2024, the gross production from the Yumna Field averaged 1,430 stock tank barrels per day, showcasing its consistent performance in the region. MOL holds a 100% interest in Block 50.