OXY to invest additional $100mn in Oman in 2019


هذه الصفحة متوفرة بهذه اللغة: العربية

28 Feb, 2019

Muscat (WAF): US-based Occidental will spend additional $100 million in capital this year compared to last year, Vicki Hollub President and CEO on behalf of Occidental Petroleum Corporation told press in Oman today.

Hollub comments came on the sidelines of the signing ceremony of Block 72, which was award Occidental Oman under an Exploration and Production Sharing Agreement.

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Speaking to WAF News, Hollub highlighted the strategic importance of OXY’s expansion saying “we see tremendous potential here in Oman” where the American player has been operating for 35 years.

“Moving north of Block 53 makes sense”, Hollub told WAF explaining the potential oil reservoirs of Oil in the newly-warded Block 72 north to its operation in Mukhaizna Oil field.

OXY has been able to develop multiple reservoirs in the given area, which “makes the economics so much better”, Hollub added

Dr. Mohammed al-Rumhy, the Omani Minister of Oil & Gas -representing the government of Oman in the signing ceremony- explained that the geological features and synergies in Blocks 53 and 72 were the main drive behind the agreement.