Masirah Oil seeks farm-in partner for Oman Block 50
MUSCAT: Oman's Masirah Oil Limited (MOL) has engaged UK-based advisory firm Gneiss Energy to help secure a farm-in partner in the exploration and development of its wholly-owned Block 50 concession off Oman's east coast.
Gross production from the Yumna field, currently the only producing field within the Block, averaged 2,316 stock tank barrels per day (stb/d) over the 28 days of production during February 2025. MOL is the Operator and holds a 100 per cent interest in Block 50.
According to Singapore-based Rex International Holding, which has an 87.50 per cent stake in Masirah Oil, Gneiss Energy will also advise on potential hydrocarbon opportunities within the 17,000 sq km concession located in the Gulf of Masirah.
'Masirah Oil Ltd (MOL) is currently working with renowned energy consultant Gneiss Energy and various sub-surface teams, to determine potential exploration locations and to find a farm-in partner to join us in moving forward our exploration and development plans for Block 50 Oman. Several attractive exploration opportunities and interested parties have been identified. Updates would be given when there are material developments to this farm-out exercise,' Rex International stated in its newly published 2024 Annual Report.
During 2024, output from the Yumna field totaled 864K stock tank barrels (std) from mainly four wells – Yumna-2, Yumna-3, Yumna-4 and Yumna-5. According to UK-based independent reserves estimator Exceed Torridon Ltd, the oil rate peaked at 4,300 stb/day on April 26, 2024, but eventually declined to 2,700 stb/day of oil. As of December 31, 2024, the Yumna Field had produced 9.07 million stock tank barrels since it was first brought into operation in 2020.
A key highlight of 2024 was the successful completion of a multi-well programme in the Yumna Field. The programme included the drilling of the Yumna-5 well, which started production in April 2024, and workovers of three existing production wells. The installation of a second flow line, for contingency purposes, was completed in late January 2025.
'The completion of the programme has allowed for the continued production and the lengthening of lifespan of the naturally depleting Yumna Field, which has been producing since 2020,' Rex International noted.
Going forward into 2025, Masirah Oil aims to press ahead with efforts to optimize production facilities and well operations. The installation of a second flowline, connecting the Mobile Offshore Production Unit (MOPU) to the floating storage and offloading (FSO) unit, will help boost the reliability of the production system.
Separately, majority shareholder Rex International plans to forge ahead with an initiative to explore the potential for natural hydrogen in Oman. It follows a Joint Study Agreement signed in September 2024 by Rex with Spain's Helios Aragon, which is already involved in natural hydrogen and helium projects in Spain, Poland and the UK.
'The joint study will allow Rex to evaluate further if there are synergies to be reaped and for Rex to contribute towards action against climate change in the future,' Rex added.
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