Genel-Energy-takes-first-acreage-in-Oman

Genel Energy takes debut E&P acreage in Oman

MUSCAT, March 11, 2025 – London-listed Genel Energy has signed an agreement to enter the Block 54 exploration and production-sharing agreement in Oman with a 40% interest together with OQ Exploration & Production (OQEP), which will hold a 60% interest and operate the licence, Genel announced on Monday.

Block 54 is a largely unexplored onshore block on the eastern side of the South Oman Salt Basin. It covers an area of 5,632 square kilometres within the Al Wusta governorate and is adjacent to existing production operations.

“We identified Oman some time ago as a preferred jurisdiction for geographical diversification, given its stable regulatory environment and the significant steps it has taken in recent years to set its oil and gas sector up for an exciting future. It is therefore the ideal country for Genel to begin its strategic diversification, expand its portfolio and invest capital. We are delighted to be partnering with OQEP and the Ministry of Energy and Minerals of the Sultanate of Oman on this exciting opportunity,” said Paul Weir, CEO of Genel.

The agreement marks Genel’s first foray into Oman. To date, the company’s holdings comprised production assets in the Kurdistan Region of Iraq and exploration assets in Somaliland and Morocco.

Over the next three years, Genel and Muscat-listed OQEP plan to invest approximately USD 25 million to test accessible existing wells, conduct drilling operations and acquire 3D seismic data.

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