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Petrogas Crude Oil Output Rises to 56,000 Bpd

Source: Oman Observer 3/18/2013, Location: Middle East

Crude oil production from assets operated by Omani exploration and production firm Petrogas climbed to a record 56,000 barrels per day (bpd) last year, the company said in a report. This compares with a gross output of 54,000 bpd in 2011, it noted. Petrogas E&P is the holding company for MB Holding Company’s exploration and production activities in Oman and overseas, namely Petrogas LLC, operator of Block-7 in Oman; and Mazoon Petrogas SAOC which holds 50 per cent interest in Block-5 in Oman and 50 per cent stake in the operator company Daleel Petroleum.

Further, through its Indian project office, Petrogas E&P manages three exploration concessions, being operator in one. The company has added two more subsidiaries under its fold in 2007 — Petrogas Malih which holds a 50 per cent interest in the Exploration Block 45 & 48 and Petrogas Rima holding 75 per cent interest in the Rima Small Fields Service Contract awarded to Petrogas E&P by Petroleum Development Oman (PDO). Petrogas E&P has also acquired a 30 per cent interest in oil producing Area A, onshore Egypt, operated by Oil Search Eastern Desert. The increase in crude output from its operations in the Sultanate effectively means that its working interest is equivalent to just over 30,000 bpd for last year. The company also drilled around 90 wells, mostly in Block 5 and Rima, in addition to three offshore wells in India.

“Petrogas has been taking the marginal assets (of other players) and helping realise their potential through extending field life, implementing waterfloods, further development drilling and producing stranded oil. The company is seeking new business opportunities in Oman, the MENA region, East Africa, the Indian subcontinent, and Southeast Asia,” the company stated.

The lion’s share of Petrogas’ oil output comes from Block 5 located in the northwest of the country. Production has climbed to around 40,000 bpd, up from 5,000 bpd when the block was acquired by Daleel Petroleum, a joint venture between Mazoon Petrogas SAOC (a subsidiary of MB Holding) and Mazoon Petrogas BVI (a subsidiary of China National Petroleum Corporation).

Of the four oilfields discovered within Block 5, the most important is Daleel, which boasts the highest porosity and permeability. The other three fields are Shadi, Bushra and Mazoon. Daleel’s future plan is to evaluate and implement the most suitable Enhanced Oil Recovery (EOR) technology to improve reservoir sweep and increase the ultimate recovery. The company has also announced its intention to explore the breadth of the concession area and add new reserves. Underscoring its emphasis on employment generation and Omanisation goals, Petrogas E&P currently employs around 450 staff, of which 85-90 per cent is Omani.

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