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OQ Exploration and Production Musandam Offshore, a wholly owned subsidiary of OQ Exploration and Production (OQEP), has signed three agreements with the Ministry of Energy and Minerals for offshore exploration in the Musandam governorate.
The agreements grant exclusive rights for the exploration, appraisal, development, and production of oil and gas within the concession area “Block 80”, a large offshore exploration block covering approximately 5,737 square kilometres ( sq km) near the Strait of Hormuz, OQEP said in a statement to the Muscat Stock Exchange.
The concession will be developed through an equally owned joint venture with Turkish Petroleum Overseas Company, a subsidiary of Türkiye Petroller. OQEP, however, will be the concession’s operator.
The block comprises the producing Bukha and West Bukha fields, as well as several identified exploration prospects.
The concession includes an initial exploration period of four years. Upon a declaration of commerciality, the concession may be extended for a production period of up to 30 years, the statement said.
(Writing by P Deol; Editing by Anoop Menon)
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