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BP, Oman sign deal for second phase of Khazzan gas field project

Published 11/08/2016, 10:41 AM
BP, Oman sign deal for second phase of Khazzan gas field project
BP
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  • BP (LON:BP) (BP +0.2%) and Oman sign an extended licensing agreement that will pave the way for further development of the giant Khazzan tight gas field.
  • BP says Oman’s government agreed to amend the exploration and production sharing agreement for Block 61, which contains Khazzan, and to add more than 1,000 sq. km to the original 2,700 sq. km block; BP is the operator of Block 61 with a 60% interest ,and Oman Oil E&P holds 40%.
  • Khazzan’s first phase, sanctioned in 2013, is more than 80% complete and remains on schedule to deliver first gas in late 2017, while the project’s second phase is expected to come online near 2020, subject to final approval.
  • Taken together, the two phases are expected to produce 1.5B cf/day of gas through development of 10.5T cf of recoverable gas resources; the estimated cost for developing the two extension phases is ~$16B.

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