OQ has agreed to sell off 40% stakes in Block 60 which contains the 60,000 b/d Bisat oil field as well as exploration Block 48. It says it expects to raise OMR 548mn ($1.4bn) in the transactions which should be completed before year-end following regulatory approval and the requisite royal decree.

The transaction was announced earlier this month in OQ’s 1H 2023 financial statements in which the company described its ongoing divestment strategy as “exploring the option for dilution or divestments of certain assets.” OQ did not name the buyer(s), although market rumors point to local firm Petrogas as picking up at least a portion of the transaction. (CONTINUED - 845 WORDS)