Genel Enters Block 54 in Oman

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Genel Enters Block 54 in Oman

Genel Energy plc has signed agreements to enter into the Block 54 exploration and production sharing agreement (EPSA) in the Sultanate of Oman. The company has secured a 40 percent participating interest in the license, in which OQ Exploration and Production SAOG (OQEP) will hold operatorship and a 60 percent participating interest. Block 54 (the […]

Block 54 (the Karawan Concession) is on the eastern side of the South Oman Salt Basin and immediately adjacent to existing production, Genel said in a media release. The block spans 5,632 square kilometers (2,174.5 square miles) within the Al Wusta Governorate, approximately 600 kilometers (372 miles) south of Muscat, and is largely underexplored, Genel said.

In the upcoming three years, Genel and OQEP anticipate putting in around $25 million in total direct expenses for the initial phase of the EPSA, which includes fulfilling the minimum work commitment that entails evaluating existing wells, drilling, and acquiring 3D seismic data. Genel added it will cover a portion of OQEP’s 60 percent stake during the initial phase.

OQEP, a subsidiary of OQ SAOC, is Oman’s third-largest producer and is publicly listed on the Muscat Stock Exchange, having recently completed an initial public offering, Genel noted.

“We identified Oman some time ago as a preferred jurisdiction for geographical diversification, given its stable regulatory environment and the significant steps it has taken in recent years to set its oil and gas sector up for an exciting future. It is therefore the ideal country for Genel to begin its strategic diversification, expand its portfolio, and invest capital”, Paul Weir, Chief Executive of Genel, said.

“We are delighted to be partnering with OQEP and the Ministry of Energy and Minerals of the Sultanate of Oman on this exciting opportunity and look forward to working together to unlock and expand this contingent resource”.

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Gemini Robotics brings AI into the physical world

Research

Published
12 March 2025

Authors
Carolina Parada

Introducing Gemini Robotics, our Gemini 2.0-based model designed for roboticsAt Google DeepMind,

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