BP and Eni have signed a heads of agreement with the Ministry of Oil and Gas of the Sultanate of Oman to work jointly toward a significant new exploration opportunity in Oman, BP said in a news release Jan. 14.
Under the agreement, the two companies will work with the government of Oman toward the award of a new exploration and production-sharing agreement (EPSA) for Block 77 in central Oman, the release said. BP and Eni will now enter discussions with the ministry to finalize details of the EPSA.
Block 77, with a total area of nearly 3,100 sq km, is located in central Oman, 30 km east of the BP-operated Block 61 which contains the already-producing Khazzan gas project as well as the Ghazeer project currently under development.
The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE).
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Occidental Petroleum’s Oman subsidiary is among the latest companies that have inked agreements with GlassPoint Solar, a technology company that uses solar energy to create steam to power EOR.