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Monday, 1 March, 2021 - 09:45
An oil refinery in Oman | Photo: Reuters Muscat- Asharq Al-Awsat
The Omani government has transferred its stake in the biggest oil block, Block 6, to a newly established company.
Bloomberg reported last month that Oman, which is struggling to finance a soaring budget deficit, planned to transfer its 60 percent stake in Block 6 from Petroleum Development Oman to a new company, which would try to issue around $3 billion of bonds in the first half of 2021.
Block 6 is one of the biggest crude deposits in the Middle East, with production capacity of 650,000 barrels a day.
Royal Dutch Shell Plc holds 34 percent of the block, while Total SE owns 4 percent and Partex Oil & Gas 2 percent.
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(Bloomberg) Oman’s government named Haifa Al Khaifi as head of a new company that controls the country’s biggest oil block, a rare appointment for a woman in a male-dominated sector in the Middle East.
Al Khaifi will be chief executive officer of Energy Development Oman, which ultimately owns the sultanate’s 60% stake in Block 6, a huge field capable of producing around 650,000 barrels of crude each day.
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She joins from Petroleum Development Oman LLC, the Persian Gulf nation’s state-run oil and gas exploration and production firm, where she was finance director.
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