Exploration did not produce encouraging results
Dubai-based Reliance Exploration & Production has withdrawn from an offshore exploration block in the Gulf of Oman, after the company admitted that drilling work had “not been encouraging”.
The subsidiary of India’s Reliance Industries Limited bought the concession to Block 18, a 21,140 square kilometre concession off the Batinah coast, in 2005. The state-owned Oman Oil Company Exploration and Production (OOCEP), which holds a 30 per cent stake in the concession since 2009, will not take on the project. Instead, the Ministry of Oil & Gas is likely to remarket the block.
Reliance will continue exploration work on its other Oman concession, Block 41, an 23,800 square kilometre area offshore from the Sharqiya coast.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.