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Friday, May 3, 2024 11:25 GMT
Upstream energy firm Masirah Oil Limited (MOL) has announced the spudding of a second development well in the Yumna Field in Block 50 off the Sultanate’s east coast. A third development well will be drilled back-to-back with Yumna 2, the company said. The three production wells in the Yumna Field have been positioned to optimally drain the reservoir and maximize recovery. A wildcat exploration well is also planned during the drilling campaign to evaluate one of the nearby lookalike prospects. The drilling campaign is expected to last for 90 days, after which the rig will be released.According to Rex International Holding Limited, which has majority stake in Masirah Oil Limited, the location of the wildcat exploration well will be selected from 14 previously identified prospects near the Yumna Field. Dan Broström, Executive Chairman of Rex, said, “The drilling of the two development wells is timely to boost production at the Yumna Field as we go into 2021, with Brent oil prices climbing back to US$50 a barrel for the first time since March 2020. The wildcat exploration well is part of our strategy to further our development plans for Block 50 Oman upon a discovery in this well.”MOL holds a 100% interest in Block 50 Oman and is the operator. Last month, MOL said it had awarded a contract to UAE-based drilling rig operator Shelf Drilling to drill two development wells starting from December 2020. This will be followed by the drilling of an exploration well in 2021. It comes on the heels of the Omani government’s decision to approve the Field Development Plan for the Yumna field, as well as to award the all-important Declaration of Commerciality (DOC), paving the way for Masirah Oil Ltd to fully develop the field while continuing to explore the rest of Block 50. Masirah Oil Limited is majority owned by Rex Oman Ltd (86.37%) with minority stakes also held by Petroci, the National Oil Company of the Ivory Coast, and Schroder & Co Banque SA.