Masirah completes oil project in Oman

      Published on Thursday, 25 March , 2021      1092 Views     
Masirah completes oil project in Oman

  • Business

Muscat-based Masirah Oil, which operates Block 50 off Oman’s east coast, has completed the planned upgrade of a mobile offshore production unit (MOPU) to 30,000 barrels a day (b/d).

The unit processes hydrocarbon from the Yumna Field, where a third production well was drilled last month.

The upgrade has more than doubled the liquid handling capacity of the MOPU, according to a statement released by Singapore-based Rex International, the majority shareholder in Masirah Oil.

Following the upgrade, the Yumna Field was tested consistently at rates of 20,000 b/d.

The production rate will be regularly optimised and has now been choked back in accordance with the reservoir management plan, aimed at maximising recovery from the field, according to Rex International.

Dan Broström, executive chairman of Rex International, said: “We are pleased to start production from all three Yumna production wells earlier than expected.

“We now have upgraded facilities with ramped up liquid handling capacity and optimised production cost of $80,000 per day for the three Yumna production wells.

“The recent run-up of Brent oil prices, if sustained, would be beneficial to our sales revenue.”

In July 2020, Oman’s Ministry of Energy and Minerals approved Masirah Oil’s Field Development Plan for the Yumna Field.

Approval came on the heels of the company’s declaration of commerciality, signalling its intent to fully develop the Yumna reservoir, as well as explore for hydrocarbons elsewhere in the block.

Rex International’s local subsidiary Rex Oman owns a 86.37 per cent stake in Masirah Oil.

Minority stakes are held by Petroci, the National Oil Company of the Ivory Coast, and the Swiss investment company Schroder and Company Banque.

Category Business, Government, Oil | 2021/03/25 latest update at 7:00 PM
Source : MEED | Photocredit : Google
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