Petronas buys 10% of Block 61 onshore Oman

A Malaysian motorist pumps his vehicle with gasoline at Petronas petrol station in Kuala Lumpur, Malaysia, Tuesday, July, 15, 2008. Malaysia's national oil company Petronas reported Tuesday a record annual profit and said it is assessing the viability of a proposed gas project in Iran following the pullout of French energy giant Total SA. Net profit soared 31.5 percent to 61 billion ringgit (US$19 billion) in the financial year ended March 31, on the back of a 21 percent jump in revenue to 223.1 billion ringgit (US$69.7 billion), said Petronas Chief Executive and President Hassan Marican. (AP Photo/Lai Seng Sin)

Petroliam Nasional Bhd (Petronas), through its subsidiary, PC Oman Ventures Ltd (PCOVL) has acquired a 10% stake in Block 61, onshore Oman from Makarim Gas Development LLC (MGD), after the conditions for the completion of the transaction were fulfilled. MGD is a subsidiary of Oman Oil Company Exploration & Production LLC. Petronas said the completion of the transaction was formalised at an event held in Muscat, Oman on Dec 27.

Following the deal, MGD’s stake in Block 61 will be reduced to 30%, while P Exploration (Epsilon) Ltd as the operator holds the remaining 60% stake.

Petronas noted that the acquisition of Block 61 marks an important step in realising the group’s growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply.