Petroleum Development Oman (PDO) said one of its key subsidiaries has signed an agreement with Shell Development Oman (SDO) for seismic acquisition in Block 11, thus signifying a major advancement in the country's oil and gas industry.
Based on this agreement, SDO is purchasing fully-processed seismic data on Block 11 in line with Exploration and Production Sharing Agreement (EPSA), said the Omani group in a statement.
Spanning 2,900 sq km in the central region of Oman, Block 11 is an area that could hold significant hydrocarbon potential.
To identify and evaluate prospective hydrocarbon reserves, the seismic survey employs sophisticated technologies, including high-resolution imaging and advanced data processing techniques, it stated.
The agreement, which is set to run until October 2024, was signed by PDO Managing Director Steve Phimister and SDO's Walid Hadi, SVP Oman and Country Chair.
Phimister said the collaboration was a significant step forward in its ongoing efforts to unlock Oman's full hydrocarbon reserve potential.
"Indeed, the collaboration with SDO will enable us to build on our previous regional successes and continue delivering value to our stakeholders," he noted.
Lauding the deal, Walid Hadi, the Senior VP and Country Chairman of Shell in Oman said: "We are delighted to partner with PDO on this project, which is a reflection of our shared commitment to the sustainable development of Oman's oil and gas resources."
"We hope that the seismic acquisition and processing project will provide crucial data to better understand the geology and hydrocarbon potential of the block and we are confident that, along with our partners TotalEnergies and OQ, we will be able to leverage our collective expertise and capabilities to deliver value for Oman," he added.
