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Oman-listed OQ Exploration and Production (OQEP) said that the Ministry of Energy and Minerals has extended the phase one of the Block 47 exploration and production sharing agreement by six months to March 24, 2026.
OQEP holds a 10 percent participating interest in Block 47, while ENI Oman holds 90 percent interest, OQEP said in a statement to the Muscat Stock Exchange.
The extension allows drilling the exploration well Najid-1, which will enable the operator to conclude post-well technical studies and formulate a strategy for Block 47, the statement added.
The drilling of Najid-1 commenced in February 2025 and was completed in July 2025 at a total depth of 4788 metres.
“The targets were reached, and good gas shows were encountered in the Natih reservoir interval. Currently, the well is suspended, and the rig is released,” OQEP said.
An extensive post-well analysis of the data collected is in progress, the statement noted.
The exploration and production sharing agreement for Block 47 was ratified by Royal Decree 38/2020 on March 25, 2020.
(Writing by P Deol; Editing by Anoop Menon)
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