Malaysia's Petroliam Nasional Berhad (Petronas) said on Oct. 21 its subsidiary would buy a 10% stake in Oman's Al Khazzan gas field, following a bidding exercise held by the exploration arm of state-owned Oman Oil Company.
The Petronas unit, PC Oman Ventures Ltd, would acquire the stake in Block 61 of the field, which is expected to produce around 1.5 billion cubic feet of natural gas per day by 2020.
"Completion of the transaction is subject to closing conditions," Petronas said in a statement.
"Further information will be made available, as and when appropriate."
Oman Oil Company Exploration and Production (OOCEP) said in a statement on Twitter that the sale was "subject to approval from the Sultanate of Oman’s government and other closing conditions".
OOCEP holds a 40% stake in the block, while Britain's BP holds the remaining 60%.
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.
If the new find at the group's Kali Berau Dalam-2 well shows good results, Indonesia may be able to push back the current estimate for when it has a natural gas deficit, or when consumption is greater than domestic supply, from 2025.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.