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BP, Eni sign new exploration, production deal for Block 77 in Oman

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BP, Eni sign new exploration, production deal for Block 77 in Oman

BP PLC and Italy's Eni SpA said Jan. 14 they have inked an agreement for a new exploration and production sharing deal for Block 77 in the central part of Oman.

Block 77 is located 30 kilometers east of the BP-operated Block 61, which contains the 1-Bcf/d Khazzan gas project as well as the Ghazeer project that is under development and due to come onstream in 2021.

"This would represent a further deepening of BP's important position in Oman, building on our successful delivery of the major Khazzan project in 2017 and its second phase of development that is currently under construction," BP Chief Executive Upstream Bernard Looney said.

BP has had an upstream presence in Oman since 2007, when it signed the exploration and production sharing agreement for Block 61, in which it holds a 60% stake. The Oman Oil Company Exploration & Production LLC has a 30% interest and PC Oman Ventures Ltd, a wholly owned subsidiary of PETRONAS, holds a 10% stake.

The two majors will now work with the the Ministry of Oil and Gas of the Sultanate of Oman to hammer out the terms of the agreement for Block 77.