MUSCAT – Following encouraging exploration results, the ministry has extended the phase until March 24, 2026, stated OQEP in a disclosure on Muscat Stock Exchange.
Block 47 is operated by ENI Oman B.V., holding a 90 percent participating interest (PI), while OQEP holds the remaining 10 percent PI. The EPSA for Block 47 was ratified by Royal Decree 38/2020, dated 25 March 2020.
The disclosure from OQEP reads as follows: “The expiry date of the Phase 1 of Block 47 EPSA is 24th March 2025; however, the Ministry of Energy and Minerals (“MEM”) had to extend Phase 1 by 6 months effective from 24th March 2025 to allow drilling the exploration well Najid-1, being part of the commitment work program for this Phase. MEM approved a request for a further 6-month extension to Phase 1, up to and including 24th March 2026, for the Operator to conclude post-well technical studies and formulate a firm strategy for Block 47.
Read More
- Bank of Beirut to exit Oman after 20 years, depositors given 60 days to settle accounts
- Omantel’s Otech, DeepAstra launch sovereign AI platform in Oman
- Oman’s oil prices slide below $92 as global markets rebound
- With the new school year approaching, plan for your child’s education with BankDhofar
- Nifty, Sensex end lower as Iran sanctions, high crude and rising bond yields weigh on sentiment
“The drilling of Najid-1 commenced in February 2025 and was completed on 29th July 2025 at a total depth of 4788m. The targets were reached, and good gas shows were encountered in the Natih reservoir interval. Currently the well is suspended, and the rig is released. An extensive post-well analysis of the data collected is in progress.
