Oman Oil & Reliance Industries in New Deal
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Thursday, 22 October 2009 |
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Oman Oil Company and Reliance have entered into a new phase of
petroleum upstream co-operation with the signing of Farm Out and Joint
Operating Agreement. The agreement was signed by Maqbool bin Ali
Sultan, Minister of Commerce and Industry, and Atul Chandra, Director
of REP DMCC. Maqbool is also the Chairman of Oman Oil Company SAOC.
The Joint Operating Agreement provides a basis to establish a joint
operating company to be managed by the two companies upon a commercial
discovery being established in Block 18. Under the terms of the
contract, both companies will co-develop a programme to cover all
aspects of Block 18 exploration and development, including sub-surface
and surface studies and will closely monitor the work undertaken by
partner companies.
OOC EP is a commercial company, wholly owned by Oman Oil Company SAOC.
The company was formed in 2009 to manage existing OOC upstream assets
and future investment opportunities in the hydrocarbon exploration and
production both inside and outside Oman. Reliance Group is India"s
largest private sector enterprise, with businesses in energy,
petrochemicals and the materials value chain.
PetrolWorld 161009
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