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Oman’s Ministry of Oil and Gas has reached an interim agreement with oil supermajors Shell and Total in order to develop integrated gas projects in the country. Signed on Wednesday, the agreement puts into detail the funding and a work plan for 2019 to develop the gas resources to fulfill Oman’s rising energy demand.
DNO Oman Block 8 Limited has given up operatorship and participation in Oman Block 8 to Sultanate of Oman's Ministry of Oil and Gas and state-owned Oman Oil Company Exploration and Production LLC, informed DNO ASA. DNO Oman Block 8 Limited is a subsidiary of DNO ASA. In the handover ceremony held at Muscat, DNO’s MD informed that Block 8 produced 35 MMbbl of oil.
Bina Refinery is a joint venture (JV) of India’s BPCL and Oman Oil Company. Strategizing its expansion plans, BPCL has decided to abandon its IPO plans for the JV. The reason behind this decision is that Bina is generating enough liquidity to finish the ongoing expansion and also “because Kuwaiti Petroleum is keen to pick up a stake”. IPO would have offered an exit option to Oman Oil.
Oman Oil Company entered into a partnership with Thailand-based Gulf Energy Development to construct the Duqm power and water plant project. The project is located in Duqm Special Economic Zone. With an installed capacity of around 326 MW, the Duqm project will be a 1,667 cubic metres per hour water facility. The project will support the Oman Oil’s Infrastructure Vertical strategic vision.