Petronas buys 10% of Block 61 onshore Oman
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Petroliam Nasional Bhd (Petronas), through its subsidiary, PC Oman Ventures Ltd (PCOVL) has acquired a 10% stake in Block 61, onshore Oman from Makarim Gas Development LLC (MGD), after the conditions for the completion of the transaction were fulfilled. MGD is a subsidiary of Oman Oil Company Exploration & Production LLC. Petronas said the completion of the transaction was formalised at an event held in Muscat, Oman on Dec 27.
Following the deal, MGD’s stake in Block 61 will be reduced to 30%, while P Exploration (Epsilon) Ltd as the operator holds the remaining 60% stake.
Petronas noted that the acquisition of Block 61 marks an important step in realising the group’s growth strategy in the upstream sector in the region and globally, as it aligns its activities to ensure sustainable energy supply.
Questions & Answers
Q.Which subsidiary of Petronas completed this acquisition?
Which subsidiary of Petronas completed this acquisition?
Petronas completed the acquisition through its subsidiary, PC Oman Ventures Ltd (PCOVL). The conditions for the transaction's completion have now been fulfilled.
Q.From which company did Petronas acquire the stake in Block 61?
From which company did Petronas acquire the stake in Block 61?
Petronas acquired the 10% stake in Block 61 from Makarim Gas Development LLC (MGD). MGD is a subsidiary of Oman Oil Company Exploration & Production LLC.
Q.What are the new stake percentages for the other companies in Block 61 after this deal?
What are the new stake percentages for the other companies in Block 61 after this deal?
Following this deal, Makarim Gas Development LLC's stake in Block 61 is now reduced to 30%. P Exploration (Epsilon) Ltd remains the operator, holding the remaining 60% stake.
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