Swedish explorer
Maha operates Block 70 with a 65% shareholding, while Mafraq holds the remainder following its August farm-in to the exploration and production-sharing agreement (EPSA), with that deal requiring the Omani firm to reimburse Maha for its “prorated share of all past costs, including the signature bonus [and …] its share of all future expenditures on Block 70.”
The licence contains the Mafraq heavy oilfield, which was discovered by state-backed Petroleum Development Oman (PDO) in 1988. Between then and 2010, the field was further delineated by four wells and 3D seismic in stages, but never developed owing to low oil prices and the high cost of production.
Maha was awarded a 100% stake in the 639-square km block by the Sultanate’s
In a press release issued by Maha this week, CEO
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