Genel Energy Enters Exploration Agreement in Oman

Genel Energy PLC has signed an Exploration and Production Sharing Agreement (EPSA) for Block 54 in Oman. This agreement marks Genel's entry into the region with a 40% participating interest. Partnering with OQ Exploration & Production SAOG (OQEP), holding a 60% interest, Genel aims to explore the Karawan Concession.

The concession spans 5,632 km² in Oman's Al Wusta Governorate, near current production sites. Over three years, Genel and OQEP plan to invest $25 million in testing, drilling, and 3D seismic acquisition. OQEP, a subsidiary of Oman’s state-owned OQ SAOC, recently went public on the Muscat Stock Exchange.

Paul Weir, CEO of Genel, emphasizes Oman as a strategic diversification opportunity due to its stable regulatory environment. This move aligns with Genel's goal to diversify its portfolio and cash generation, establishing a significant footprint in Oman.