Oman has signed an agreement with Mazoon Petrogas Corporation, a subsidiary of Petrogas E&P, to produce oil from concession area number 5, Reuters reported.
Area number 5, known as “Wadi Aswad”, is spread across 992 square kilometers, the Omani Ministry of Oil and Gas said.
Mazoon Petrogas holds a 50% working interest in the Petroleum Agreement for Block 5, onshore Oman, while the remaining 50% stake in the block is held by China National Petroleum Corporation (CNPC).
Recently, Oman’s Petrogas and HitecVision teamed up to acquire some of Total’s North Sea oilfields in the UK for $635 million. Talks are focused on a portfolio of fields, including Dumbarton, Balloch, Lochranza, Drumtochty, Flyndre, Affleck, Cawdor and minority stakes in the China National Offshore Oil Corporation (CNOOC) operated Golden Eagle, Scott, and Telford fields.