Maha Energy (Oman) Ltd. entered into a joint operating agreement with Oman’s Mafraq Energy LLC on Jan. 28 for Block 70 in Oman, Maha announced in a Jan. 30 press release.
Under the terms of the agreement, Mafraq Energy will reimburse Maha for its prorated share of past costs, as well as its share of future Block 70 expenditures.
Maha is the operator of Block 70 with 65% shareholding interest. Maha’s 35% working interest to Mafraq Energy is subject to all conditions laid out in the relevant farmout agreement signed by both parties in August 2022.
“We are proud to have finalized yet another major milestone in what is to be a great partnership,” said Paulo Mendonça, Maha’s CEO. “Maha is moving forward to commence testing [and] aiming for fast production of Block 70, and having Mafraq Energy as [a] local partner with [a] competent and experienced Omani team [brings] knowledge of the local market to operations.”
Maha Energy is a wholly-owned subsidiary of Sweden’s Maha Energy AB, an international upstream oil and gas company with operations in Brazil and the U.S.
Recommended Reading
On The Market This Week (Jan. 20, 2025)
2025-01-24 - Here is a roundup of marketed oil and gas interests in the Delaware Basin, Midcontinent and Bakken from select sellers.
On The Market This Week (Jan. 27, 2025)
2025-02-02 - Here's a roundup of marketed oil and gas leaseholds in Appalachian and the Central basins from select sellers.
NOG: Company Not in ‘Formal Negotiations’ to Buy Granite Ridge
2024-12-23 - Northern Oil and Gas, responding to media reports that it has made two offers for Granite Ridge Resources, said it’s not engage in formal negotiations to buy the company.
Petro-Victory Buys Oil Fields in Brazil’s Potiguar Basin
2025-02-10 - Petro-Victory Energy is growing its footprint in Brazil’s onshore Potiguar Basin with 13 new blocks, the company said Feb. 10.
Firms Take Fight Against $132MM Martin Midstream Merger
2024-12-02 - Nut Tree Capital Management and Caspian Capital accused Martin Resource Management of proposing an insider deal that undervalues the cost of Martin Midstream’s shares.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.