$2bn Oman oilfield deal signed
Posted: 02 May 2005
Oman's Oil and Gas Ministry said it has signed an agreement to invest over $2 billion in the Mukhaizana heavy oilfield.
The agreement was signed with US oil and gas company Occidental and Abu Dhabi-owned Mudabala Development Company, said a statement carried by the state news agency ONA.
"Occidental and its partners, including the government of Oman, expect to invest over $2 billion to implement a large-scale team flood to increase production from the field to 150,000 barrels per day (bpd) within the next few years," it said.
The Mukhaizana field currently produces about 10,000 bpd.
Mudabala is to invest in the project through its wholly-owned subsidiary Liwa Energy Limited.
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