Muscat: The Ministry of Oil and Gas (MOG) said that the oil wells by the Masirah Oil Company Limited in Block 50 (off Masirah Island) are still in technical testing stages.
 
“The wells drilled by Masirah Oil Company Limited in Block 50 are still in the technical testing stage and require many operational tests before the actual and commercial production from the above-mentioned block,” MOG said.
 
Recently, Rex International Holding Limited, the majority shareholder in Masirah Oil Limited (MOL) which has a 100 per cent interest in the offshore Block 50 enveloping Masirah Island said it is on track to bringing its landmark GA South Discovery the first of its kind off Omans eastern seaboard into production before the end of this year. Singapore-listed Rex International well-known for its proprietary Rex Virtual Drilling technology has a 92.65 per cent shareholding in Masirah Oil Limited, the license holder of Block 50 (also known as Masirah Block) under an Exploration & Production Sharing Agreement (EPSA) signed with Omans Ministry of Oil and Gas.
 
The reaffirmation of its commitment to Block 50 follows the successful monetisation of its Norway assets, which helped recharge the companys war chest, in turn boding well for its strategy to put its Oman discovery into production, said Rex in a statement.
 

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