Malaysian Petronas is close to buying a 10% stake in Oman’s al Khazzan gas field from the state-owned Oman Oil Company, Reuters reported.
PC Oman Ventures, a subsidiary of Petronas, will acquire the stake in Block 61 of the field, which is expected to produce roughly 1.5 billion cubic feet of natural gas per day by 2020.
“Completion of the transaction is subject to closing conditions,” Petronas said in a statement, adding that “further information will be made available, as and when appropriate.”
Oman Oil Company Exploration and Production (OOCEP) said in a statement on Twitter that the sale was “subject to approval from the Sultanate of Oman’s government and other closing conditions”.
The Khazzan field is 60% owned by BP, while OOCEP holds the remaining 40%.