Petronas acquired a 10 percent stake in Block 61 from Makarim Gas Development in late 2018, through its subsidiary PC Oman Ventures
Malaysia-based oil and gas company, Petronas has announced the start of production from its Ghazeer gas field – Phase two – located in Oman’s Block 61. This achievement has come three years after the Khazzan gas field – Phase one – was brought online.
Including the Phase two Ghazeer gas field, the production capacity from Block 61 is expected to rise to 1.5 billion cubic feet per day with more than 65,000 barrels per day of associated condensate.
Block 61 is operated by BP Exploration (Epsilon) Limited (BEL) with a 60 percent participating interest, while PC Oman Ventures Limited (PCOVL) holds 10 percent and Makarim Gas Development LLC holds the remaining 30 percent. The announcement was made through Petronas’ subsidiary PCOVL, along with its partners BEL and Makarim Gas Development LLC.
Tengku Muhammad Taufik, president and group chief executive officer at Petronas, said: “Petronas is proud to be part of the Block 61 consortium that has successfully delivered the start-up of Ghazeer ahead of schedule and most importantly, safely, amid challenging market conditions.”
Block 61 is one of Middle East’s largest tight gas accumulations, and has the capacity to deliver approximately 35 percent of Oman’s total gas demand with an estimated 297.3 billion cubic feet of recoverable gas resources. The development of this block is an important achievement and a key contributor towards Oman’s 2040 vision in terms of supporting the growth of local industries as well as diversifying its economy.
Taufik concluded: “This shared success is a result of a strategic collaboration among the consortium partners, contractors and the Government of the Sultanate of Oman.”