Petronas Buys 10% Stake in Oman’s Khazzan Field
Malaysia’s Petronas has agreed to buy 10% stake in Oman’s Khazzan gas field, Oman Oil Company Exploration & Production (OOCEP) said on Twitter October 21.
“We would like to announce our agreement to sell a 10% stake from the total value of Block 61 Khazzan, to PC Oman Ventures, a wholly owned subsidiary of Malaysian oil giant (Petronas),” OOCEP said. The deal is subject to approval from the government of Oman.
Khazzan is in block 61, of which BP is the operator, with a 60% interest; and OOCEP holds 40% interest. Post the deal, OOCEP's stake will drop to 30%.
At present, the production is around 1bn ft3/d. First phase of the Khazzan project was inaugurated in November 2017. The second phase is expected to come onstream in 2021 and deliver an additional 0.5bn ft3/d and over 15,000 b/d condensate production.