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Petrogas
E&P LLC
Petrogas E&P LLC is a limited liability
company registered and incorporated in the
Sultanate of Oman actively engaged in
acquisition, operation and management of
oil and gas properties. The company is
fully owned by MB Holding and consists of
three main entities: Petrogas LLC, Mazoon
Petrogas SAOC and New Business
Development.
Petrogas LLC (Block 7)
Petrogas LLC was established in January
1999, and in the same year acquired Block
7 (Butabul) Oil and Gas concession in Oman
from Elf Petroleum and became the sole
operator of Block 7.
Prior to acquisition of Block 7, the
production was declining at a rate of 17%
annually. Since Petrogas took over
operations, the decline was arrested and
the field continued to produce at around
average of 2,000 barrels/day. After two
years of operations, Block 7 reserves were
substantially increased to reach 5 million
bbls (proven) and 8.9 million bbls (proven
+ probable).
Mazoon Petrogas SAOC and Daleel Petroleum
Company (Block 5)
In January 2001, Mazoon Petrogas SAOC
acquired Block 5 (Wadi Aswad) oil and gas
concession from Japex and became the 100%
owner and operator of Block 5.
Subsequently the company sold its 50%
rights in Block 5 to CNODC a subsidiary of
China National Petroleum Corporation (CNPC).
The two shareholders then formed a joint
venture, Daleel Petroleum Company, to
operate Block 5. At the time of
acquisition, Daleel oilfield had remaining
reserves in the order of some 15 million
bbls.
Since 2002, Mazoon Petrogas SAOC and CNPC
have jointly invested over US$180 million
in production enhancement projects, mainly
in the implementation of waterflood to
increase production from 5,000 bpd to
35,000 bpd (production had reached 15,000
bpd at 1.1.2004). As a result, production
increased from 4,759 barrels/day in June
2002 to the level of 15,135 barrels/day at
the end of year 2005.
New Business Development
In 2004, Petrogas E&P LLC formed a new
business development division to handle
the evaluation and acquisition of new E&P
assets. Evaluations covered assets not
only within Sultanate of Oman but spanning
a gamut of assets in various countries.
The main regions considered outside Oman
are the Middle East, Africa and India.
Petrogas E&P is on the lookout for the
acquisition of oil and gas concessions
with potential for exploration and
development as operator and/or partner
with national and/or international
companies, to develop hydrocarbon
resources. The ultimate goal for Petrogas
E&P is to reach 100,000 boe from
operations by 2010.
For more
information, visit
www.petrogasllc.com
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