Oman’s Ministry of Oil and Gas has approved Masirah Oil’s field development plan (FDP) for the offshore Yumna field.
Rex International, a majority stakeholder in Masirah Oil, said last week that the FDP was awarded on 12 July 2020.
The company added that the Ministry also awarded the Declaration of Commerciality (DOC). The DOC will enable Masirah Oil to fully develop the Yumna field while continuing to explore the rest of Block 50 offshore east Oman.
The Yumna 1 well has so far produced more than one million barrels of oil and is currently producing over 8,000 barrels of oil per day through a one-inch choke with around 30 bar flowing tubing-head pressure.
The first three cargoes of Masirah crude were lifted and sold in April , May, and June 2020. Liftings were completed from the first offshore ship-to-ship transfers in Oman.
Rex added that the Foresight Driller IX drilling rig, which drilled the Yumma 1 well, was released from the field at the end of April 2020 as planned, following two months of early production testing.
In early May 2020, production was resumed from a mobile offshore production unit (MOPU), which was installed in the Yumna field during a planned three-week shut-down. The MOPU, together with an Aframax storage tanker, now constitute the permanent offshore production facilities.
Masirah Oil holds 100 per cent of the Block 50 Oman concession. Rex International holds an effective interest of 86.37 per cent in Masirah Oil.
Schroders, Trace Atlantic, Petroci, and Masirah management hold 7.03, 4.66, 1.83, and 0.10 per cent stakes, respectively.