British oil giant BP is expected to invest a whooping $24 billion for the first phase full-field development of its block 61 tight gas fields in north-central Oman.
"The initial upfront investment will be $24 billion,- said Shaikh Ali bin Thabit Al Battashi, Adviser to the Ministry of Oil and Gas, on the sidelines of a signing ceremony between the Ministry of Oil and Gas and Sohar International Urea and Chemical Industries.
He said the first phase of the development programme is spread over a 25 year-concession period and aimed at producing 6.7 trillion cubic feet (TCF) of natural gas, which is equivalent to one billion standard cubic feet of gas per day.
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