The Ministry of Energy and Minerals signed a new Exploration and Production Sharing Agreement (EPSA) with Mohammed Al Barwani, the founder & chairman of MB Group and Zhang Yu, Vice President of China National Oil and Gas Exploration and Development for Block 15 in the Ad Dhahirah Governorate. The agreement grants Daleel Petroleum, (the operator) the right to explore and develop the 1,389 km² concession area, representing a strategic step towards enhancing oil and gas reserves and production rates.
Under the EPSA, Daleel Petroleum is committed to conduct geological and geophysical studies, reprocess existing seismic data, implement new 3D seismic data, and drill several wells to evaluate the hydrocarbon potential of Block 15.
Dr. Salah Al Dhahab: A promising future for Daleel Petroleum in Concession 15
We look forward to see Daleel Petroleum’s efforts to develop existing hydrocarbon discoveries and add new discoveries that will contribute to the Sultante of Oman's reserves and enhance its energy production capacity.
Daleel Petroleum, a leading exploration and production company, has continued to efficiently develop Concession 5, increasing its daily oil production successfully from 5,000 to over 50,000 (bbl/d). This success is due to its strategy of investing in advanced technology and continuous development, which is reflected in its ability to maintain competitive operating costs.
In addition, Daleel Petroleum is a pioneer in implementing national talent development and empowerment policies, reflecting its strong commitment to strengthening the national economy through added local value.
With this new partnership, Daleel Petroleum is moving to new horizons through Concession area 15, as it seeks to apply the best practices and innovations that have contributed to its success. The agreement reflects the government's confidence in local energy companies operating in the sector and also strengthens Oman's relationship with Chinese partners, opening the door to new opportunities for cooperation that will bring foreign investment to Oman.