The Khazzan gas field

Petronas subsidiary PC Oman Ventures (PCOVL) has closed the acquisition of a 10% interest in Block 61 of the Al Khazzan onshore gas field from Oman Oil Co Exploration & Production (OOCEP).

The stake was purchased from OOCEP subsidiary Makarim Gas Development.

PCOVL reached an agreement last October for the acquisition after a bidding exercise conducted by state-owned Oman Oil Company through its exploration unit OOCEP.

In a statement, Petronas said: “The acquisition of Block 61 marks an important step in realising Petronas’ growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply.”

With the acquisition, PCOVL now owns a 10% stake in the block, which is operated by BP Exploration (Epsilon) with a 60% interest. Makarim Gas Development holds the remaining 30% interest.

“The acquisition of Block 61 marks an important step in realising Petronas’ growth strategy in the upstream sector in the region and globally.”

The Khazzan field commenced production in September 2017. Last year, the field was producing around one billion cubic feet of gas per day (Bcf/d) and around 35,000 barrels per day (b/d) of condensate.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last April, BP and OOCEP approved the development of Ghazeer, the second phase of the Khazzan field.

Once the development of the second phase is completed in 2021, production from the field will increase to 1.5Bcf/d.

According to BP, the phases will collectively develop an estimated 10.5Tcf of recoverable gas resources.

Established in 1974, Petronas explores, develops and produces crude oil and natural gas in Malaysia and overseas.

The company has interests in unconventional resources projects, including the LNG Canada project in British Columbia, a coal bed methane project in Australia, and a shale gas project in Argentina.