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Oil Block Development Project - Block 50
Client is planning to explore and develop offshore Block 50 surrounding Masirah Island, South East coast in Oman. The exploration of offshore oil block including drilling of 3 wells . Oil production from Block 50 off Masirah Island home to Omans first offshore discovery off the east coast is slated to commence before the end of this year, according to a key shareholder in the license. It follows the successful completion of feasibility and concept studies centring on the landmark GA South discovery well, attesting to the commercial potential of the find first made in 2014, said Singapore-based company, which holds a dominant share of the equity in Masirah Oil Limited (MOL) the joint venture license holder of Block 50. The organization holds a successful enthusiasm of 92.65 percent in MOL through its aberrant completely possessed backup Rex Oman Ltd. Likewise owning stakes are Petroci (2.35 percent), the National Oil Company of the Ivory Coast (otherwise called Côte D'Ivoire) and 5 percent held by Schroder and Co Banque SA. On 4th February , 2014, MOL declared an amazing oil find in the 17,000 sq kilometer close off Masirah Island the principal such disclosure off the Sultanate's eastern seaboard. "Amid a 48-hour test, hydrocarbons were streamed to the surface and the very much accomplished a limited stream rate of 3,500 barrels for every day of light oil of high caliber without water generation from a sandstone store of great quality," the organization said. US$26-million exploration license for the block has been awarded to the joint venture of two partners and an exploration and production sharing agreement (EPSA) has been signed between the client and joint venture partners.