Petronas buys 10% stake in Oman oil block

KUALA LUMPUR: Petroliam Nasional Bhd’s (Petronas) subsidiary bought a 10% stake in Block 61, onshore Oman, marking an important step in its strategy in the upstream sector.

The national oil company said on Saturday the stake was acquired by its subsidiary, PC Oman Ventures Ltd (PCOVL), from Makarim Gas Development LLC (MGD) after the conditions for the completion of the transaction were fulfilled.

MGD is a subsidiary of Oman Oil Company Exploration & Production LLC

Petronas said the completion of the transaction was formalised at an event held in Muscat, Oman on Dec 27. The terms of the transaction or value were not disclosed.

PCOVL holds a 10% stake, MGD 30% stake and BP Exploration (Epsilon) Limited as the operator 60% stake.

“The acquisition of Block 61 marks an important step in realising Petronas’ growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply,” Petronas said.

Source: TheStar