Japan’s Mitsui Oil Exploration Company will acquire a 35 percent in an Omani oil field held by the Occidental Petroleum Corporation. The company will complete the transaction through its joint venture in the Netherlands, reported Reuters.
Occidental will retain the remaining 65 percent stake in the 2,500 square meter field located southwest of Muscat. Its oil reserves are estimated at approximately 50 million barrels. Both companies will extract oil from the field for commercial production.
The Mitsui Oil Exploration Company is a unit of Mitsui & Co Limited. It has existing projects in Abu Dhabi, the Northwest Shelf of Australia, Qatar, and Oman with a collective production level of 94,000 barrels of oil per day.
Oman is a non-OPEC oil producer with a modest 5.74 billion barrels of oil reserves and 22 trillion cubic feet of natural gas reserves. Oman’s daily output of crude currently reaches 900,000 tons. Its reserves are projected to last 20 years at current rates of production. — (menareport.com)
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