31st Jul 2019 10:07
(Alliance News) - Oil major BP PLC has signed an exploration and production sharing agreement with Italy's Eni SpA in Oman, the two said Wednesday.
Both will hold 50% of Block 77, which covers 2,734 square kilometres in the centre of the country. Eni will act as operator.
The block is 30 kilometres east of an existing BP asset, Block 61, which contains the already-producing Khazzan gas field.
"Today's announcement reflects the continued exploration potential we see in Oman and reinforces BP's commitment to the Sultanate of Oman," said BP Chief Executive Bob Dudley.
"We look forward to working with the government and Eni to continue to explore and develop the country's resources and secure its long-term gas production."
BP shares were 0.8% higher in London on Wednesday morning at 547.70 pence each. Eni was up 0.8% in Milan at EUR14.20.