DNO hands over operatorship of Oman Block 8 following license expiry

1/3/2019

OSLO -- DNO ASA, the Norwegian oil and gas operator, today announced that its subsidiary DNO Oman Block 8 Limited has relinquished operatorship and participation in Oman Block 8 to the Sultanate of Oman's Ministry of Oil and Gas (MOG) and state-owned Oman Oil Company Exploration and Production LLC (OOCEP).

A handover ceremony was held in Muscat in the presence of MOG Undersecretary Salim Al Aufi, together with representatives from DNO, MOG, OOCEP and license partner LG International in attendance.

"Since inception, Block 8 has produced 35 MMbbl of oil and 285 Bcfg, generating the Sultanate of Oman about $1 billion in total revenues," said DNO's Managing Director Bjørn Dale during the handover ceremony.

Offshore Block 8, which contains the Bukha and West Bukha fields, produced an average of 4,458 boed during 2018.

Effective Jan. 4, 2019, with the expiry of the 30-year commercial term of the Exploration and Production Sharing Agreement, Block 8 will be operated by the Musandam Oil and Gas Company, fully-owned by OOCEP.

DNO held a 50% interest in the license alongside LG International, which held the remaining 50% interest.

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