Oman Eyes To Take A Stake

Oman is eyeing to acquire an interest in developing hydrocarbon reserves in the Kazakh sector of the Caspian Sea. Maqbul bin Ali bin Sultan, Omani Commerce, Industry and Minerals Minister informed reporters Wednesday.

Kazakhstan?s President Nursultan Nazarbayev negotiated on oil and gas cooperation between the two countries with bin Sultan, and with Oil and Gas Minister of Muhammad bin Hamad bin Sayf al-Rumhi, who is also CEO and Deputy CEO of Oman Oil Company..

Bin Sultan said that Omani investment in oil and gas projects is Kazakhstan amounts to "hundreds of millions of dollars." In particular, Oman is one of the founders of the Caspian Pipeline Consortium, in which it has invested about $100 million. The Omani share in this project amounts to 7%.

The minister added that Oman is also participating in the development of the Dungan oil and gas field, in Western Kazakhstan region, in which it has invested over $55 million. In addition, Oman has invested about $20 million in geological exploration work in Atyrau region, but the well drilled there "was not totally successful."