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Hydrocarbon Exploration & Production Project - Block 17 & 47
This project involves exploration and production of hydrocarbons from Block 17 and 47 at Musandam peninsula in Oman. Covering a total area of around 2.1 million acres, the contiguous Blocks 17 and 40 are home to some of the most exciting plays in hydrocarbon exploration and production. Block 17 is mostly onshore, while Block 40 is mostly offshore with shallow waters averaging 70 metres. An exploration and production company headquartered in Texas, USA, has secured around $300 million in financing for the development of oil and gas fields. PetroTels local subsidiaries PetroTel Oman LLC (PTO) and PetroTel Oman Offshore LLC (PTOO) operate Block 17 and Block 40 respectively. The funding support is being provided by an Investment Corporation. In addition to $300 million in financial support, Investment Corporation is also providing $150 million of insurance for PetroTels activities. PetroTel plans to build facilities, as well as a three-kilometre offshore pipeline that will carry hydrocarbons to the existing Musandam Gas Processing Plant at Tibat. While oil will be sold to international markets via an offshore loading terminal located off Tibat, the gas will be supplied to the Musandam Independent Power Project. The need for extra local hydrocarbons feedstock is made squeezing by a progressing decrease at the Bukha and West Bukha fields. Yield there had dropped to 4,460 boepd when Norwegian administrator DNO pulled back toward the beginning of the year. OOC auxiliary Oman Oil Company for Exploration and Production (OOCEP) has assumed control over the permit. MGP has a preparing limit of around 20,000 bpd of rough and 0.465 bcm every time of gas. The exploration and production sharing agreement (EPSA) was signed in 2011.