London-listed Kistos Energy announced on 9 December that it is to enter Oman’s upstream through a $148mn agreement to purchase stakes from Japan’s Mitsui. If it receives government approval, Kistos will hold a 5% stake in the Oxy-operated Block 9 (Oxy 50%, OQEP 45%) and a 20% in CCED-operated Blocks 3&4 (CCED 50%, Tethys 30%).
The planned acquisition marks the firm’s first foray outside its operations in the North Sea and will more than double its output. Kistos expects to produce 8,000-9,000 boe/d from its existing portfolio, and that the Oman assets will add 9,000-10,000 boe/d average production for 2025. “Our entry into the MENA region represents an important step forward,” says executive chairman Andrew Austin. “It not only complements our existing portfolio in the North Sea but also provides a platform for long-term growth and enhanced cash flow. Effective 1 January 2025, this acquisition will increase our reserves to 50mn boe and is expected to deliver a material uplift in Kistos’ production in 2026 to approximately 20,000 boe/d.” (CONTINUED - 247 WORDS)