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Petronas Buys 10 Percent Stake in Oman's Al Khazzan Field

Source: Reuters 10/21/2018, Location: Middle East

Malaysia’s Petroliam Nasional Berhad (Petronas) said its subsidiary would buy a 10 percent 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 percent stake in the block, while Britain’s BP holds the remaining 60 percent.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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