- BP (BP) has signed a 30-year deal with Oman to invest $16B in the country's Khazzan tight gas project, which could produce up to 1B cubic feet (bcf) per day of gas.
- BP expects to start construction next year, extract the first gas in 2017 and reach plateau output in 2018. The company also plans to produce 25,000 barrels per day (bpd) of gas condensate, a light oil, from the field.
- The deal enables BP to assess other gas resources in Oman's Block 61, of which the U.K. company will hold 60% and state-owned Oman Oil Company Exploration & Production 40%.
- In addition, BP has signed a non-binding memorandum of understanding with state-run Oman Oil Company to develop an acetic acid plant that will produce 1M tons a year. (PR)
BP signs deal to invest $16B in Oman gas project
Dec 16 2013, 05:02 ET