Qatar Petroleum signs deal to explore Omani coast

2017-11-15 04:14:30

(MENAFN- Kuwait News Agency (KUNA)) DOHA, Nov 14 (KUNA) -- Qatar Petroleum (QP) company has joined a pact to acquire a 30 percent participating interest for exploration and production activities off the coast of Oman.

After the consent of all parties concerned, the Omani government will now join QP, Italian Oil company Eni and Oman Oil Company with 30, 55 and 15 percent of participating interests respectively, read a statement by QP.

Meanwhile, QP's President and CEO Saad Al-Kaabi described the deal as a launchpad for further cooperation between all sides involved, hoping that the agreement "would bring benefits to all involved, especially the Omani oil industry and the people of Oman." The parties will soon begin conducting an exploration program in Block 52, a largely underexplored area off the coast of Oman, where a 3D seismic survey will be carried out followed by exploration and drilling. (end) nnd.nam

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