Maha Energy (Oman) Ltd. entered into a joint operating agreement with Oman’s Mafraq Energy LLC on Jan. 28 for Block 70 in Oman, Maha announced in a Jan. 30 press release.
Under the terms of the agreement, Mafraq Energy will reimburse Maha for its prorated share of past costs, as well as its share of future Block 70 expenditures.
Maha is the operator of Block 70 with 65% shareholding interest. Maha’s 35% working interest to Mafraq Energy is subject to all conditions laid out in the relevant farmout agreement signed by both parties in August 2022.
“We are proud to have finalized yet another major milestone in what is to be a great partnership,” said Paulo Mendonça, Maha’s CEO. “Maha is moving forward to commence testing [and] aiming for fast production of Block 70, and having Mafraq Energy as [a] local partner with [a] competent and experienced Omani team [brings] knowledge of the local market to operations.”
Maha Energy is a wholly-owned subsidiary of Sweden’s Maha Energy AB, an international upstream oil and gas company with operations in Brazil and the U.S.
Recommended Reading
Darbonne: Brownsville, We Have LNG Liftoff
2024-04-02 - The world’s attention is on the far south Texas Gulf Coast, watching Starship liftoffs while waiting for new and secure LNG supply.
Oil Prices Edge Lower on False Report of Israeli Ceasefire, Sustained OPEC Cuts
2024-02-01 - Oil prices fell 2% on the false speculation that Israel and Hamas had tenatively agreed to a ceasefire, but losses were subsequently pared.
Midstream Builds in a Bearish Market
2024-03-11 - Midstream companies are sticking to long term plans for an expanded customer base, despite low gas prices, high storage levels and an uncertain political LNG future.
Venture Global, Grain LNG Ink Deal to Provide LNG to UK
2024-02-05 - Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG terminal.
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.