Oman’s authorities signed an agreement to extend the Block 53 Exploration and Production Sharing Agreement (EPSA) for Occidental Mukhaizna and its partners, local media reported.
Oman’s Ministry of Energy and Minerals has signed the agreement in order to secure operations until 2050.
According to the agreement, the concession has been extended to 2050 under the amended agreement, allowing for an estimated investment of OMR11.5 billion (roughly $30 billion) over the extended term. These investments will cover capital and operational expenditures intended to improve production efficiency and deploy advanced extraction technologies, optimizing resource recovery within the block.
The investments are expected to strengthen supply chain sustainability and operational support contracts, support economic growth, and create job opportunities across Oman’s oil, gas, and related industries.
Oman’s oil output has been greatly aided by the Mukhaizna field in the Al Wusta Governorate, which has continuously been the country’s top crude oil producing field.
Energy and Minerals Minister Eng. Salim bin Nasser Al Aufi said that the continuation of this deal is a significant milestone in guaranteeing the field’s sustained role in supporting the national economy, according to . He said that the projected investments will boost value creation and production development in Oman’s energy industry.
The minister also stated that the Ministry is still dedicated to working with its partners to fully use Block 53, which is a key component of its plan for ethical and sustainable hydrocarbon production.
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