Oil and gas producer DNO ASA announced Jan. 3 that subsidiary DNO Oman Block 8 Ltd. waived its operatorship and participation in the offshore block to the Sultanate of Oman's Ministry of Oil and Gas and state-controlled Oman Oil Co. Exploration and Production LLC.
The waiver follows the expiration of its 30-year commercial term of the exploration and production sharing agreement, effective Jan. 4. Block 8 will now be operated by Musandam Oil and Gas Co., a subsidiary of Oman Oil Co. Exploration and Production.
DNO Managing Director Bjorn Dale said the block has generated US$1 billion in total revenues for the Oman Sultanate through the production of 35 million barrels of oil and 285 billion cubic feet of gas.
The block contains the Bukha and West Bukha fields, which produced an average of 4,458 barrels of oil equivalent per day in 2018.
DNO owned a 50% interest in the license; LG Group International Corp. held the other 50%.
DNO entered Oman in 2012.