State-controlled Oman Oil Company (OOC) is set to take a 40% stake in BP Oman, once discussions over the long-awaited $15bn development of the Khazzan-Makarem tight gas fields in Block 61 conclude, and BP declares commerciality, Oman’s Minister of Oil and Gas Muhammad al-Rumhy has revealed.

Talks between the Omani government and the British oil major had been deadlocked for more than three years over a range of issues, including the price BP would receive for gas production, output volumes, BP’s share of condensate output, and production duration. (CONTINUED - 767 WORDS)