Sharjah signs exploration agreement with Rex Oil & Gas
Sharjah, a member of the United Arab Emirates, signed a 23-year agreement with Rex Oil & Gas Ltd. of Monaco for exploration and production off the Persian Gulf country.
OGJ Oil Diplomacy Editor
LOS ANGELES, June 8 -- Sharjah, a member of the United Arab Emirates, signed a 23-year agreement with Rex Oil & Gas Ltd. of Monaco for exploration and production off the Persian Gulf country.
Under terms of the agreement, Rex Oil & Gas will conduct the necessary geological studies, carry out 3D seismic surveys, and drill exploration wells in the concession areas of Khor Fakkan and Kalba.
The award follows an earlier agreement between the government of neighboring Oman and a partnership of Rex Oil & Gas and Petroci Holding Co., the national oil company of Ivory Coast.
Under the agreement, the partners are to explore the hydrocarbon potential of Oman’s 16,903-sq-km Block 50 in waters surrounding Masirah Island in the Arabian Sea, but not the island itself.
Commitments during exploration include reprocessing old seismic, acquisition of 2D and 3D seismic, processing satellite gravity data, and drilling exploration wells.
Svein Kjellesvik, vice-president of Rex Oil & Gas, said his company would work closely with partner Petroci Holding in exploring the potential of Block 50.
“We will draw on their expertise in geology and geophysics. We will add our competencies in geophysics and remote sensing and try to bring the best of both companies together,” Kjellesvik said.
In particular, Kjellesvik said his company would leverage its expertise in satellite remote sensing to help “unlock the riddle of offshore Oman.”
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