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Oman Block 44 Acquisition by ARA Completed

Source: Oman Observer 4/8/2017, Location: Middle East

ARA Petroleum, a new entrant to Oman’s burgeoning upstream Exploration & Production (E&P) industry, has confirmed that its acquisition of the 100 per cent interest of PTTEP Oman Company Limited in Block 44 onshore Oman has been completed. The Muscat-based upstream energy firm had signed a Sales and Purchase Agreement last August for the acquisition of PTTEP Oman’s interest in the gas and condensate licence located in the northwest of the Sultanate.

The transfer of shares from PTTEP Oman, a wholly owned subsidiary of Thai integrated energy giant PTTEP, was completed on December 28, 2016, ARA Petroleum stated in an overview of the performance of its newly acquired block last year.

Production from the Block, which was owned and operated by PTTEP Oman since 2002, averaged 20 million standard cubic feet per day (mmscfd) in 2016, while liquid hydrocarbon output averaged 960 barrels per day (bpd). Also during the year, PTTEP initiated geological and geophysical studies aimed at identifying additional opportunities and potential prospects within the licence, with a particular focus on the deep plays of Kharaib, Lekhwair and Habshan.

“ARA’s intention is to carry out workover and drilling campaigns during 2017 and 2018. Additional engineering studies will begin imminently and will be carried out with a view to developing an optimal life of field development plan,” the new owner of the Block stated on its website.

“ARA Petroleum will commit to developing young Omani talent under the supervision of internationally trained mentors. ARA Petroleum will collaborate with other Zubair Corporation initiatives to maximise the In-Country-Value of its operations in Oman,” it added.

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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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