Medco signs new E&P contract in Oman
Friday, November 21 2014 - 01:05 AM WIB
The company said in a statement Thursday that the contract was signed by the Minister of Oil and Gas of Oman, Mohammed bin Hamad Al Rumhy.
?The contract is between the Government of Oman and the company, together with a local partner Intaj LLC. In this consortium, Medco has the majority working interest and the operatorship of Oman 56,? Medco said.
Oman 56 is located in the prolific Oman Salt Basin. With an area of 5,808 square kilometers and three identified technical discoveries, it has an estimated oil in place of 370 million barrels with six other potential prospects. MedcoEnergi is committed to drill three exploration wells in the first exploration period.
Medco said Oman 56 will add to the company?s international portfolio with assets in Oman, Libya, Yemen, Tunisia, USA and Papua New Guinea. Medco has been in Oman since 2006 as operator of the Karim Small Fields (KSF) Service Contract. Oman 56 is located adjacent to KSF with similarities in geology and advantage in synergy of operations
Lukman Mahfoedz, President Director & CEO of Medco Energi said, ?Oman 56 is one of the biggest exploration acreages in Oman and has a large hydrocarbon potential. It further asserts our presence in the Middle East & North Africa region, specifically in Oman. I am confident that in this block we can repeat the success story of our KSF operations, given our outstanding operational performance and very good safety track record so far.?
He added that the Oman 56 acquisition is in line with the company?s strategy to strengthen the E&P portfolio of assets through high-graded exploration activities, in support of our business growth in the near future.
Editing by Reiner Simanjuntak