Times of Oman | News :: Oman Oil to take 40% stake in BP’s Block 61 tight gas fields:
"The state-owned Oman Oil Company (OOC) will take a 40 per cent stake in BP's Block 61 tight gas fields in north-central Oman, once the latter declares commerciality, said Dr Mohammed bin Hamad Al Rumhy, the minister of oil and gas.
The minister said BP would declare commerciality of the block once all full-field development agreements are signed between Oman government and the British oil giant.
Both parties have signed a provisional pact called heads-on agreement a few months ago.
The total investment for developing block 61 will be in the range of $15 billion-$20 billion
over a 30 year concession period, added the minister on the sidelines of the first Gulf
Intelligence Oman Energy Forum here yesterday. "At the moment, we are focusing on the first phase, but it will have more than two phases.""
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