Oman is ending 2021 on a high note, finalizing a concession agreement to expand the presence of Shell and TotalEnergies in the sultanate. Oman has reinvigorated its gas sector of late and in so doing it has become a hot destination for majors.
On 21 December, the Ministry of Energy and Minerals signed an agreement with Shell, Marsa LNG (an 80:20 JV between TotalEnergies and state firm OQ) and OQ to develop Block 10’s gas reserves. Shell is to be the operator with 53.45% working interest, with Marsa LNG holding 33.19% and OQ 13.36% - OQ’s interest rises to 20.0% with its Marsa stake, while TotalEnergies holds 26.6%. (CONTINUED - 712 WORDS)
