Petronas, through its subsidiary, PC Oman Ventures Ltd., (“PCOVL”) acquired a 10% stake in Block 61, onshore Oman from Makarim Gas Development LLC (“MGD”), a subsidiary of Oman Oil Company Exploration & Production LLC (OOCEP), after the conditions for the completion of the transaction were fulfilled.
The completion of the transaction was formalised at an event held in Muscat, Oman on 27 December 2018. PCOVL holds a 10% stake while MGD holds a 30% stake and BP Exploration (Epsilon) Limited as the Operator holds the remaining 60% stake.
The acquisition of Block 61 marks an important step in realising PETRONAS’ growth strategy in the Upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply.