BP, Oman in $16b Gas Project

BP, Oman in $16b Gas Project

BP and state-owned Oman Oil Company agreed to expand an exploration and production sharing agreement of the Khazzan natural gas field to include a second development phase, at an estimated cost of $16 billion for the entire project. Block 61 will add 1,000 square kilometers to the original 2,700 square-kilometer-area of development, BP said on Sunday in a statement, Bloomberg reported. The project will produce around 42 million cubic meters per day, or 40% of Oman’s current output. The new development requires final approval of Oman’s government and BP, which is expected in 2017, the company said. The reservoir is known to have “tight gas”, which is trapped in impermeable rocks and requires techniques, including hydraulic fracturing to extract. Oman, an exporter of liquefied natural gas to Spain, Japan and South Korea, is studying options to import LNG to help generate power. The small Arab nation imports gas via a pipeline from Qatar and is in talks to build a link with Iran across the Persian Gulf.


Short URL : http://goo.gl/7R5NlK
  1. http://goo.gl/USn8nS
  • http://goo.gl/ftERXp
  • http://goo.gl/Amq0yr
  • http://goo.gl/5BmM7d
  • http://goo.gl/HtY6uu

You can also read ...

Italy's Ansaldo Set to Produce Power From Iran's South Pars Gas Flares
Italy's Ansaldo Energia signed a memorandum of understanding...
Norway’s Saga Signs $2.9b Iran Solar Power Venture
Norway’s Saga Energy signed a €2.5 billion ($2.94 billion)...
French, German Groups Ink Water Agreements
French and German groups on Wednesday signed broad-ranging...
Total Says Will Try to Move Ahead With Iran Gas Project
French oil and gas major Total will try to push ahead with its...
Tashkent Eyes Iran Oil Import, Mulls Transport Options
Uzbekistan is willing to join the list of Iran's crude oil...
Iraq Asks BP to Develop Kirkuk Fields
Iraqi Oil Minister Jabar al-Luaibi has asked BP to "quickly...
Brent, WTI Prices Pick Up
Oil prices rose on Wednesday as weekly US crude inventories...