Maha Energy AB said Dec. 12 that its sale of a 35% participating interest in Oman's Block 70 to Mafraq Energy LLC has been approved by the Omani authorities, following the issuance of a royal decree.
Block 70 covers an area of 639 sq km. The onshore block includes the shallow undeveloped Mafraq heavy oil field. The block is located in the middle of the oil producing Ghaba Salt Basin in the central part of Oman.
Following the completion of the transaction, Maha will retain 65% participating interest and will remain the operator of the block.
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