Despite the near halving of global oil prices since mid-2014, progress at the $16bn Phase 1 Khazzan tight gas project in central Oman continues unabated, BP president for the Middle East Michael Townshend says.

The British oil major, which holds a 60% operating stake in the project, in February joined a growing list of international oil companies that have slashed their 2015 capex budgets as a result of the current lower oil price environment. The price of Brent has fallen to around $60/B, from a mid-2014 high of $115/B. (CONTINUED - 774 WORDS)