Agreement Also Extends FDI Through Petrogas’s Partnership with CNPC
Muscat – Mazoon Petrogas, a subsidiary of Petrogas E&P, together with its partner China National Petroleum Corporation (CNPC), has entered into an agreement with Oman’s Ministry of Energy and Minerals to explore and produce oil and gas in the Block 15 concession area.
Petrogas E&P, the exploration and production division of the Mohammed Al Barwani Group (MB Group), has steadily built a reputation as a global player in the oil and gas industry.
The agreement was signed by H.E. Salim al Aufi, Minister of Energy and Minerals; Dr. Mohammed al Barwani, Chairman and Founder of MB Group; and Zhang Yu, Vice President of CNODC, a wholly-owned subsidiary of CNPC.
Through this agreement, Petrogas aims to strengthen its successful collaboration with the Omani government, reaffirming its commitment to the local economy and community. In partnership with its joint venture, Daleel Petroleum, Petrogas will explore Block 15 for potential oil and gas reserves. If the exploration proves successful, the company plans to implement development plans swiftly, ensuring efficient operations and optimizing production and resource recovery, according to a press statement.
The agreement also emphasizes the continuation of foreign direct investment (FDI) through Petrogas’s ongoing partnership with CNPC, a leading Chinese oil and gas company. This partnership marks a significant milestone, building on previous successes in Block 5, operated by the Petrogas-CNPC joint venture, Daleel Petroleum.
Petrogas has achieved significant successes not only in Oman but also in Egypt, the Netherlands, and the UK. The company has also delivered exceptional value on behalf of Petroleum Development Oman (PDO) in the Rima Small Satellite Fields, consistently increasing production and reserves.
Commenting on the agreement, H.E. Aufi stated, “This new agreement represents a significant investment in Oman, driving economic growth, job creation, and the delivery of FDI through Petrogas’s partners in this project. It aligns with our goal of empowering local energy providers and reinforcing their critical role in advancing Oman’s economic prosperity.”
Usama al Barwani, Vice Chairman of MB Group and Managing Director of Petrogas E&P, added, “We deeply value the trust placed in us by the Omani government and cherish our long-standing partnership with CNPC. This new agreement underscores our commitment to exploring further opportunities in Oman. We aspire to continue contributing significantly to the growth of Oman’s energy sector through safe and efficient operations, as well as the positive impact we have on the local communities where we operate.”
Kingsuk Sen, CEO of Petrogas E&P, said, “We are thrilled with this award and remain steadfast in our commitment to swiftly deploying the latest technology and innovative approaches to unlock the block’s resource potential. We are grateful to the government for their continued trust and support. With a proven track record of safe and efficient operations and significant investments in Oman, which have consistently enhanced production and reserves, we remain committed to driving further value-added growth.”
