December 16, 2013
BP has signed 30-year gas production sharing and sales deals to develop Oman’s Khazzan tight gas project at an estimated investment of $16-billion, the UK energy giant and Omani government announced on Monday.
The Khazzan gas project, which aims to extract around one billion cubic feet (bcf) per day of gas from deep under central Oman, is a showcase for BP’s tight gas extraction technology and its success is vital for Oman’s economy.
“Today’s signing is an important step in the Sultanate of Oman’s plans to meet growing demand for energy over the coming decades and to contribute to economic development in Oman,” Oman oil and gas minister, Mohammed Al Rumhy, said in a statement after the signing in Muscat.
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