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The Ministry of Energy and Minerals, Oman announces that it has signed an agreement to extend the Block 53 Exploration and Production Sharing Agreement (EPSA) for Occidental Mukhaizna and its partners, securing operations until 2050. Under the amended agreement, the concession has been extended to 2050, facilitating an estimated investment of RO 11.5 billion (approximately USD30 billion) over the extended term. These investments will cover capital and operational expenditures designed to enhance production efficiency and deploy advanced extraction technologies, optimizing resource recovery within the block. The anticipated investments are expected to strengthen supply chain sustainability and operational support contracts, fostering economic growth and generating employment opportunities across Oman’s oil, gas, and related industries. The Mukhaizna field in Al Wusta Governorate has been a key contributor to Oman’s oil production, consistently ranking as Oman’s highest-producing crude oil field. Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, emphasized that the extension of this agreement is a strategic milestone in ensuring the field’s continued role in supporting the national economy. He highlighted that the planned investments will drive production growth and enhance value creation within Oman’s energy sector. The Ministry remains committed to collaborating with its partners to maximize the potential of Block 53, a cornerstone of its strategy for sustainable and responsible hydrocarbon production, the minister added. |
