Oxy eyes 15-year extension in Oman's Block 53, unveils large gas find
US energy major Occidental Petroleum (Oxy) is in advanced talks with the Omani government to extend its contract for Block 53 — home to the world-class Mukhaizna steamflood field — by 15 years to 2040, the company confirmed during its Q1 2025 earnings call.
The proposed extension is expected to unlock over 800 million barrels of additional resources across stacked pay formations, enhancing long-term cash flows while aligning with Oman Vision 2040 goals to maximise value from existing energy assets. Occidental noted that the revised terms will support both low-decline enhanced oil recovery and conventional production, ensuring capital efficiency and sustained output.
Occidental also reported a significant gas and condensate discovery in North Oman, with estimated in-place resources exceeding 250 million barrels of oil equivalent. Located near existing infrastructure, the field has already entered early production, alongside a second smaller discovery that was fast-tracked to commercialisation within just 13 weeks.
'These developments reflect our deep-rooted partnership with Oman and reaffirm our long-term commitment to supporting its energy strategy,' said CEO Vicki Hollub. She noted that recent efficiency gains have reduced drilling costs by 50 per cent in Block 53, while artificial lift enhancements cut workover costs per barrel by half.
The developments form part of Occidental's broader strategy to optimise its international portfolio, prioritising resilient, capital-efficient assets amid global market volatility.
With appraisal underway and final approval pending, the Block 53 expansion and new gas discovery are set to reinforce Oman's upstream sector as a key pillar of fiscal sustainability and energy security in the coming decade.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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