Petrogas to invest $40 million in block 55
MUSCAT, June 11, 2015 – Petrogas Kahil, the Omani subsidiary of Petrogas E&P, has announced that it will invest $40 million in exploring onshore block 55 in southeastern Oman.
The company, which purchased the block in 2013, holds a 100-percent stake in the development. Drilling of four to six exploration wells is due to begin at the end of 2015.
The company said it would reprocess 3,000 kilometres of 2D seismic data and gather an additional 1,550 kilometres of data before drilling begins.
“It looks good. We are finding leads and prospects but we have not drilled yet and it is very difficult to know what potential production will be. We are optimistic that this will be good exploration,” Mohammed Al Barwani, chairman of MB Holding Company, said in a company statement. The multinational MB Holding Company owns Petrogas E&P.