OQEP along with its Partners sign with MEM Amendment No. 2 to the PSA for Block 53 (Mukhaizna)
OQ Exploration & Production (OQEP) is proud to announce the signing of the Amendment No. 2 to the Production Sharing Agreement (PSA) for Block 53 with the Ministry of Energy and Minerals (MEM) of the Sultanate of Oman. This strategic amendment extend the PSA until to 2050.
Block 53, located in the Al Wusta Governorate and encompassing an area of 694 square kilometers, is home to the world-class Mukhaizna steam flood project. The Block 53 consortium comprises Occidental (Operator) with a 47% participating interest, OQEP with 20%, Indian Oil with 17%, Liwa with 15%, and PTTEP with 1%.
The extended agreement is anticipated to potentially grow resources by more than 800 million gross barrels through enhanced oil recovery and primary production processes in addition to new exploration and drilling activities. This development aligns with Oman Vision 2040, aiming to maximise value from existing energy assets and bolster the nation`s energy security.
The extension is expected to deliver significant value to all stakeholders, enhancing OQEP’s reserves position and financial returns starting from 2025. We express our gratitude to the Government of Oman and our partners for their continued support and collaboration.