Oman
Secures RO 11.5 Billion Investment Through Block 53 Concession Extension

Muscat, 18 May (ONA) — The Ministry of Energy
and Minerals has signed an agreement to extend the Block 53 Exploration and
Production Sharing Agreement (EPSA) for Occidental Mukhaizna and its partners,
securing operations until 2050.

Under the amended agreement, the concession has
been extended to 2050, facilitating an estimated investment of RO 11.5 billion
(approximately USD30 billion) over the extended term. These investments will
cover capital and operational expenditures designed to enhance production
efficiency and deploy advanced extraction technologies, optimizing resource
recovery within the block.

The anticipated investments are expected to
strengthen supply chain sustainability and operational support contracts,
fostering economic growth and generating employment opportunities across Oman’s
oil, gas, and related industries.

The Mukhaizna field in Al Wusta Governorate has
been a key contributor to Oman’s oil production, consistently ranking as Oman’s
highest-producing crude oil field.

Eng. Salim bin Nasser Al Aufi, Minister of Energy
and Minerals, emphasized that the extension of this agreement is a strategic
milestone in ensuring the field’s continued role in supporting the national
economy. He highlighted that the planned investments will drive production
growth and enhance value creation within Oman’s energy sector.

The Ministry remains committed to collaborating
with its partners to maximize the potential of Block 53, a cornerstone of its
strategy for sustainable and responsible hydrocarbon production, the minister
added.

— Ends/Khalid