The Oman Ministry of Energy and Minerals has signed the Concession Area No. 80 Agreement with OQ Exploration and Production (OQEP) – Musandam Offshore and Turkish Petroleum Overseas Limited.
The agreement supports efforts to develop energy resources, expand exploration activities, and advance the objectives of Oman Vision 2040.
The deal was signed by His Excellency Engineer Salem bin Nasser Al Aufi, Minister of Energy and Minerals, Mahmoud bin Salem Al Hashmi, Chief Executive Officer of OQ Exploration and Production – Musandam Offshore, and Cagrı Sirin, President of International Projects at Turkish Petroleum Overseas Limited.
Concession Area No. 80 is located in Musandam Governorate and covers an area of approximately 5,737 square kilometers.
The concession includes the producing Bukha and West Bukha fields, which are among the established assets in Oman’s offshore oil and gas sector.
Under the agreement, OQ Exploration and Production will operate the concession area with a 50 percent participating interest, while Turkish Petroleum Overseas Limited will hold the remaining 50 percent stake.
The exploration program for the concession area will be carried out in two phases. The first phase, which extends over four years, includes the acquisition of three-dimensional seismic data covering 500 square kilometers, the drilling of two exploration wells and one pilot well, and related technical studies. Mandatory investments during this phase are estimated at no less than $60 million.
The second phase will also extend for four years and includes the drilling of an additional exploration or appraisal well based on the results of the first phase. Mandatory investments for this stage are estimated at no less than $30 million.
HE Engineer Salem bin Nasser Al Aufi, Oman Minister of Energy and Minerals, said that the signing of the concession agreement for Area No. 80 reflects continued activity in the development of offshore areas in Oman and the participation of international companies in the country’s exploration and production sector.
The concession is located in a maritime area with identified geological potential and benefits from available data and operational experience from nearby offshore areas, particularly in Musandam Governorate. The presence of producing fields such as Bukha and West Bukha provides additional geological information that will support exploration activities in the concession area.
Image Credits: ONA | Cropped by GBN
The Minister stated that the Ministry continues to implement its strategy of developing and utilizing energy resources through cooperation with national and international companies and the application of modern technologies in exploration, evaluation, and development activities.
These include advanced seismic survey techniques and offshore drilling technologies aimed at improving operational efficiency and supporting exploration programs.
Mahmoud bin Abdullah Al Hashmi, Chief Executive Officer of OQ Exploration and Production – Musandam Offshore, remarked that the signing of the Exploration and Production Sharing Agreement for Block 80 reflects the company’s commitment to expanding its activities in the exploration and production sector and pursuing new opportunities for growth within Oman.
Al Hashmi added that the addition of Offshore Concession Area No. 80 to the company’s portfolio makes it the fifth concession area operated by OQ Exploration and Production in partnership with an international company.
