Oman: Gas production begins from the giant Ghazir field

London – Reuters: BP started production from the giant Ghazir natural gas field in the Sultanate of Oman, which will boost the company’s oil and gas production for years, even as it switches to renewable energy.
The London-based company said in a statement that the Ghazir field, the second phase of Block 61 development, began production four months ahead of schedule and less than the set budget.
BP is in the midst of the biggest transformation in its history after CEO Bernard Looney charted a path for a rapid transformation of renewable energy and cutting oil and gas production by one million barrels per day by 2030. But oil and gas will pay the cost of the transition over the next decade.
“Oil and gas production is very pivotal to BP as it generates financing that allows us to invest in new activities and transform the company,” said Gordon Burrell, the company’s head of oil and gas operations.
BP wants to sell $ 25 billion in assets by 2025, and industry sources told Reuters it was negotiating to sell its stake in Oman.
Production of the first phase of the development of Block 61, called “Khazzan”, began in September 2017. The total production capacity of the block is expected to reach 1.5 billion cubic feet per day of gas and more than 65 thousand barrels per day of associated condensate.
BP owns 60 percent of Area 61, and an Omani national oil and gas company owns 30 percent, and Malaysia’s Petronas owns 10 percent.