The Block 54 concession, also known as “Karawan” covers a total of 1,388,732 net acres of contiguous land.
OLEP is the first company to explore for hydrocarbons in Block 54 since 2010 and the first to benefit from new intelligence pertaining to the concession. The company intends to leverage oil exploration technology advances in combination with its own unique application of scientific and engineering principles toward making Block 54 another success story for Oman.
Block 54 is adjacent to high volume producing concessions as follows:
West: Occidental of Oman, a wholly owned subsidiary of Occidental Petroleum Corporation, operates Block 53 and produces over 100,000 bopd from one of Oman’s largest oil fields, Mukhaizna, 15km from the border of Block 54.
North: CC Energy Development Oman (CCED), one of Oman’s top 4 producers, operates Block 4 which boasts a production capacity of over 40,000 bopd. CCED’s equity stake in Block 4 is 50% along with partners Tethys oil (30%) and Mitsui E&P Middle east (20%). CCED acquired Block 4 in 2007 and commenced early production in 2010.
East: Masirah Oil Limited (MOL), majority owned by Singapore-based Rex International Holding Limited, operates the offshore concession Block 50. While MOL had its first discovery in 2014, also the first-ever offshore oil discovery for Oman, The Yumna-1 well, located 30km offshore, was spudded on 26 December 2019, and flowed at 11,843 bopd, as per a landmark announcement on February 17 2020, marking a new era for MOL and Oman.
South: On 10 October 2019, Shell Development Oman LLC, A subsidiary of Royal Dutch Shell plc, acquired 100% working interest and operatorship of Block 55, which includes a work program of regional studies and seismic acquisition as well as other potential exploration activities. This block complements the company’s exploration portfolio in the Sultanate alongside Block 42 and a portion of Block 6.
Note that figures mentioned above, are taken from publicly-sourced information which relates to the period before the recent COVID-19 and OPEC+ cuts.