Malaysia’s Petroliam Nasional Bhd (PETRONAS) has acquired 10% stake in Oman’s onshore gas field from Oman Oil Company Exploration and Production LLC (OOCEP), Oman Observer reported.
The acquisition was done through PETRONAS’s subsidiary PC Oman Ventures Ltd in Block 61 from OOCEP’s subsidiary Makarim Gas Development (MGD), after fulfilling the conditions of the transaction.
“The acquisition of Block 61 marks an important step in releasing PETRONAS’ growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply,” PETRONAS said in a statement.
BP Exploration Ltd (Epsilon), the operator of the block holds 60 per cent stake while PC Oman Ventures now holds a 10% stake in Block 61. The remaining 30% is owned by Makarim Gas Development.