Oman’s Ministry of Oil & Gas has extended the exploration and production sharing agreement (EPSA) with Masirah Oil Ltd. for Block 50 for another 3 years from the end of the current phase, with the agreement’s validity expiring in March 2020, Rigzone reported.
The Manarah-1 well drilled in the first quarter of 2016 confirmed the presence of a source rock and a working petroleum system in Block 50 concession, which has an area of 17,000 sq. km, according to Times of Oman. Masirah Oil is currently finalizing plans to drill another exploration well in Block 50 in early 2017, with investigations underway for a revised, lower service-cost extended well testing and early production system to be used in the concession.
Masirah Oil, a subsidiary of Singapore-based Rex International Holding, has a 76.95% stake in Block 50, and is actively pursuing a farm-out campaign with the aim of attracting partners to the concession.