Total and PTTEP sign exploration agreement for Oman onshore block
Total E&P and its joint venture partner PTT Exploration and Production (PTTEP) have signed a three-year exploration and production sharing agreement (EPSA) with the Ministry of Oil in Oman.
Under the deal, the companies will explore the onshore Block 12 using geological and geophysical studies, 3D seismic surveys and undertake exploration wells for the development of non-associated gas.
Block 12 covers an area of 9,446km2 in central Oman, and is thought to have a high gas potential.
Total will operate the block with an 80% interest, with PTTEP holding the remaining 20%.
“The signing of this EPSA for Block 12 strategically strengthens PTTEP exploration investment and presence in Oman which is a high petroleum potential area in the Middle East with a favourable investment climate,” said PTTEP President and CEO Phongsthorn Thavisin.
“The deal will also widen opportunity for PTTEP to further expand investment in the region for long term growth and to partner with a prudent operator that has extensive experience in Oman.”