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OQ Exploration & Production SAOG (“OQEP”), Oman announces, the signing of the Exploration and Production Sharing Agreement (“EPSA”) for Block-54 with the Ministry of Energy and Minerals of the Sultanate of Oman (“MEM”). According to the EPSA, OQEP will hold a 60% participating interest and will be the operator of Block-54. Genel Energy plc (“Genel Energy”) will join OQEP in Block-54 a non-operating partner holding the remaining 40% participating interest. Both organizations have formalized a Joint Operating Agreement (“JOA”) to streamline operations within Block-54. The agreements will enter into effect upon the issuance of a Royal Decree ratifying the EPSA. It is worth mentioning that the Block mentioned above is under exploration and evaluation through geological studies, seismic surveys and exploratory drilling. |
