Strategic energy partnership approved between Oman and Turkey
Official approval has been granted for the development of the Block 80 concession area off the coast of the Strait of Hormuz between Oman and Turkey.
The fifty percent partnership conducted between Oman and Turkey for the exploration and development of the strategic Block 80 concession area located off the coast of the Strait of Hormuz has been officially approved and legally secured.
Agreement Approved by Royal Decree
The decree issued by Sultan Haitham bin Tarik officially brought into force the Exploration and Production Concession Agreement signed in June.
Fifty Percent Partnership and Shares
While OQEP Musandam Offshore company assumed the operatorship with a fifty percent stake, TPOC, the international arm of the Turkish Petroleum Corporation, owned the remaining share.
Scope and Targeted Fields
The new Block 80 area covers the Bukha and West Bukha oil and gas fields, which are part of the former Block 8 concession, as well as the extensive exploration areas surrounding them.
Exploration Investments and Phases
The parties committed to a minimum exploration investment totaling 90 million dollars, consisting of 60 million dollars in the first phase and 30 million dollars in the second phase.
Infrastructure and Market Integration
Products obtained in the Block 80 field are processed through Musandam infrastructure and delivered to local and regional markets.