(MENAFN- Muscat Daily) Muscat- Oman Oil Company Exploration & Production LLC (OOCEP) and Shell Exploration BV signed a heads of agreement to collaborate on Oman's Block 42.
The heads of agreement was signed by Isam al Zadjali, chief executive officer of Oman Oil Company and Chris Breeze, Shell's country chairman in Oman. OOCEP, an Omani upstream oil and gas company, is a subsidiary of Oman Oil Company.
Under the agreement an initial aerial study will be carried out, before potentially undertaking further and more focused activities in the Block, according to a press statement issued by OOCEP on Wednesday.
This cooperation in Block 42 is the first such project between OOCEP and Shell in Oman. The two companies are already partners in the Pearls joint venture in Kazakhstan. Block 42 comprises an area of about 25,600sqkm, which could hold hydrocarbon potential in several geological plays.
Zadjali said: 'We are pleased to join up with Shell to further assess the exploration potential of Block 42. I see the signing of the heads of agreement as creating an important platform with a world-renowned international upstream company like Shell. OOCEP has been very successful in its exploration programmes and I trust this success will continue.'
Breeze said: 'We are excited by the prospect of Block 42 and are pleased to sign this heads of agreement with OOCEP. We are partners in
Kazakhstan and this is first cooperation of its type between Shell and OOCEP in Oman. Shell is proud of its long-term partnership with Oman and I hope this heralds extensive collaboration with OOCEP, both in Block 42 and beyond. Shell is committed to helping the sultanate meet its growing energy demand in economically, environmentally and socially responsible ways.'
Shell is active in Oman across the oil and gas industry and is involved in joint venture and independent activities ranging from research and development, exploration and production to trading and retail.
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