KUALA LUMPUR: Petroliam Nasional Bhd’s (PETRONAS) wholly owned subsidiary, PC Oman Ventures Ltd (PCOVL), has signed a concession agreement with the Oman government and OQ Exploration and Production Batinah Offshore LLC (OQEP) as its partner for the exploration of oil and gas in Block 18.
PETRONAS said Block 18 is a large offshore exploration area located in northeast Oman, spanning more than 21,000 square kilometres and offering significant frontier exploration potential across diverse geological settings, from shallow to ultra-deep water.
It added that PCOVL has been active in the Sultanate of Oman since 2018 and currently holds a participating interest in Block 61.
“Upon signing this concession agreement, PCOVL assumes operatorship of Block 18 in partnership with OQEP,” the company said in a statement on Thursday.
Its Vice-President of International Assets, Mohd Redhani Abdul Rahman, said through their innovative exploration approaches and OQEP’s basin expertise, they aim to jointly unlock the potential of Block 18, contributing to Oman’s long term energy security.
“The addition of Block 18 aligns with our commitment to disciplined portfolio expansion, providing strategic optionality across our international portfolio,” he added. – BERNAMA
