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MSX-listed OQ Exploration and Production S.A.O.G. and Mitsui E&P Middle East B.V. (MEPME) have signed an Asset Sale and Purchase Agreement (ASPA) for the acquisition of MEPME’s 35 percent non-operated participating interest in Block 27 in Oman.
The deal carries an economic effective date of 1 January 2025 for a headline consideration of $28.8 million and is subject to customary conditions precedent, including approval by Oman’s Ministry of Energy and Minerals and issuance of a Royal Decree, OQEP said in a stock exchange statement.
Producing asset until 2035
Block 27 is a producing asset in Oman operated by Occidental Petroleum, which holds the remaining 65 percent participating interest.
The Exploration and Production Sharing Agreement (EPSA) for the block is valid until 2035.
OQEP said the acquisition is expected to add around 3.5 thousand barrels of oil equivalent per day (kboepd) net to its participation interest in 2026.
(Writing by Dennis Daniel; Editing by Anoop Menon)
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