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BLOGDec 19, 2013
BP reaches $16 billion deal on unconventional gas in Khazzan project, Oman
Energy Expert
Editor's Note: Periodically, this blog will cover selected milestones in unconventional play merger and acquisition activity, chosen from the headline service of IHS Energy Company and Transaction Research.
OMAN - Oman and BP announced the signing of gas sales and amended production-sharing agreements for the $16 billion unconventional development of the tight gas Khazzan field, with BP as operator. The total project involves 300 wells over 15 years to deliver plateau production of 1 Bcf/d (28.3 million cubic meters) of gas and 25,000 b/d of gas condensate. The project is located in the southern part of Block 61.
BP said the Khazzan project represents the first phase in the development of one of the Middle East's largest unconventional tight gas accumulations. Construction will begin in 2014, and first gas is expected in late 2017. Gas production is expected to ramp up to a plateau in 2018 and in total the project is expected to develop around 7 Tcf of gas. Block 61 contains estimated gas in place of up to 100 Tcf.
The amended exploration and production-sharing agreement and the gas sales agreement are for an initial 30 years and also provide for the additional appraisal of further gas resources within Block 61, which are expected to be developed in subsequent phases. Oman also announced the state-owned Oman Oil Company Exploration & Production plans to take a 40% stake in Block 61.
