Kistos acquires interests in Oman’s onshore blocks from Mitsui

Kistos has signed a binding statement to get a 5% moving involvement successful Block 9 and a 20% moving involvement successful Blocks 3 and 4, onshore successful Oman, from Mitsui E&P Middle East.

Block 9 is operated by Occidental Petroleum and comprises 2 producing areas.

Blocks 3 and 4, operated by CCED, comprise 7 producing fields and screen astir 29,000km² successful eastbound Oman.

These assets run nether Oman’s exploration and accumulation sharing agreements (EPSAs), which outline concession terms, outgo mechanisms and operational conditions.

The transaction, with an effectual day of 1 January 2025, is valued astatine $148m, taxable to customary closing adjustments.

It is expected to beryllium instantly cash-generative for Kistos.

Through this acquisition, Kistos aims to participate the Middle East and North Africa (MENA) upstream vigor sector. The institution intends to money the transaction information from existing cash.

Kistos enforcement president Andrew Austin said: “This acquisition marks a important milestone for Kistos arsenic we grow our footprint into a caller and strategically important region, acquiring interests which align with our strategy of acquiring high-quality value-accretive assets, successful some the adjacent and agelong term.

“While we proceed to see the North Sea for further acquisitions, we presumption this foundational measurement into the MENA portion arsenic a mode to diversify our portfolio, allowing america to broaden the opportunities we look at, perchance unlocking aboriginal synergies done further enlargement successful the region.

“On behalf of the board, I would similar to convey our shareholders for their continued enactment and look guardant to sharing further updates arsenic we proceed to turn and evolve.”

The acquisition would adhd an estimated 25.6 cardinal barrels of lipid equivalent successful proved and probable reserves nett to Kistos.

It would adhd astir 9,000–10,000 barrels of lipid equivalent per time nett to Kistos this year, with astir 91% being liquids and the remainder gas.

Last year, Kistos announced the acquisition of EDF Energy (Gas Storage), which includes 2 onshore state retention facilities successful the UK, for a full of £25m.

"Kistos acquires interests successful Oman’s onshore blocks from Mitsui " was primitively created and published by Offshore Technology, a GlobalData owned brand.

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