Athens-based CC Energy Development (CCED) on 7 January signed a concession agreement with Oman’s Ministry of Energy and Minerals for the exploration and production of oil and gas in two blocks in the south of the sultanate. The firm is a long-standing operator in Oman, but output from its Blocks 3&4 assets has been on a downwards trend.
The firm relies on Blocks 3&4 for all of its output, and declines there means that diversifying into new acreage is an understandable move. However, it is a long-term play, with Block 38 and Block 74 purely exploration blocks in which CCED plans to shoot seismic. (CONTINUED - 535 WORDS)
