CMS Supports Petrogas on Renewal of EPSA for Omani Block 5 License
International law firm CMS has advised Mazoon Petrogas SAOC (Petrogas), in relation to the renewal of its Exploration & Production Sharing Agreement (EPSA) for the onshore Block 5 license in northwestern Oman. The Block 5 interest is owned 50% by Petrogas and 50% by Mazoon BVI Limited which is a subsidiary of China National Petroleum Corporation (CNPC). Block 5 will continue to be operated by Daleel Petroleum LLC, which is a joint venture between Petrogas and CNPC.
The new agreement was signed by Dr. Mohammed Al Barwani on behalf of Petrogas and Dr. Mohammed bin Hamad al Rumhy, Oman’s Minister of Oil and Gas, on behalf of the Omani government in a ceremony held this week.
Established in 2002, Daleel is one of the leading oil producing companies in the Sultanate of Oman. It operates in Block 5, which is home to four key oilfields with an area of 992sq km and holds expected recoverable reserves of around 200mn barrels. This new EPSA agreement will remain in effect for 15 years.
CMS partner and Head of the Oman office, Ben Ewing, led the firm’s advice to Petrogas. Ben comments: “We are proud to have supported Petrogas on obtaining its EPSA renewal. This license will enable it to continue to expand its production activities and drive forward technological efficiencies to aid production.”
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