Oil, Gas Concession Pact Signed With Kazakh Firm - Oman

Source: Times of Oman 12/19/2005, Location: Middle East

Oman Oil Company (OOC) signed a concession agreement for oil and gas exploration at the Caspian Sea area in Kazakhstan.The agreement comes within the context of a memorandum of understanding signed between Oman and Kazakhstan in 1992, which stipulates exchange of expertise and enhancement of cooperation in the field of oil and gas exploration, Oman News Agency, Romhi said.

He added the agreement, signed with the Kazakhstan Gas Company, envisages a partnership deal with Shell International for conducting oil and gas explorations at the Caspian Sea area as Shell enjoys international expertise in the field. According to the agreement, OOC shall have 20 per cent, the Kazakhstan Gas Company 25 per cent and Shell 50 per cent stakes in the new project.

The concession area amounts to 900 square kilometres, while the exploration process will take two years — 2007 to 2008. The exploration work is estimated to cost $33 million.


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