Business Irish

Wednesday 22 March 2017

Circle to start seismic survey in Oman to expand beyond Africa

Eduard Gismatullin

Irish explorer Circle Oil will start a seismic survey in Oman in an effort to gain resources in the Middle East.

The company has hired a unit of China Petroleum & Chemical Corp to conduct a 3D study of Block 49 in western Oman, said Chief Executive Officer David Hough. The four-month job will start in the next few weeks.

“Block 49 is part of the South Oman salt basin and we believe the geology could be analogous to the Harweel cluster in the successful neighboring Block 6,” Hough said in an interview in London.

“If successful, Oman could be a significant company maker.”

Oman is the largest Arab oil producer that’s not a member of the Organization of Petroleum Exporting Countries.

Petroleum Development Oman, the largest producer in the Persian Gulf country, is developing the Harweel cluster to boost production. BP and BG Group are exploring Oman for oil and gas.

Circle currently produces oil and gas in Morocco and Egypt and holds the exploration rights to Blocks 49 and 52 in the South of Oman.

Bloomberg

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