Major Petroleum Discovery in Block 7: Implications for Investors and Energy Sector Growth in Oman
BUSINESS REPORTER
MUSCAT, APRIL 13
Masar Petroleum SAOC, a prominent Omani oil and gas exploration and production company, has announced a significant discovery in the Hasirah Ridge, located in Block 7 onshore Oman. This finding marks a pivotal moment in the company’s growth journey.
In 2017, Masar Petroleum made history as the first operator to successfully appraise and produce from the Hasirah reservoir in Block 7. Building on this foundational experience, the company has now drilled a new exploration well to the south of its current discoveries, confirming the potential of the Hasirah Ridge—a geological structure spanning 5 km in width and 30 km in length, as identified through 2D seismic data. This discovery is a crucial first step toward accessing the Ridge’s estimated resource base of 100 to 380 million barrels.
Following this breakthrough, Masar Petroleum plans to conduct a 3D seismic survey and a comprehensive exploration and appraisal program, aimed at further developing these new resources by the end of 2028. Initial production from this field is anticipated to commence in the last quarter of this year. Dedicated to accelerating its growth, Masar Petroleum intends to swiftly advance both appraisal and development opportunities across Block 7.
“Masar is a proud Omani exploration and production company that has consistently delivered significant value through focused efforts to unlock our potential,” stated Abdulsattar al Murshidi, Chief Executive Officer of Masar Petroleum.
Special Analysis by Omanet | Navigate Oman’s Market
The recent discovery by Masar Petroleum in Block 7 presents a significant opportunity for Oman’s oil and gas sector, potentially increasing the country’s reserves by 100 to 380 million barrels. Businesses should strategically consider the rise in investment in local energy projects, which may also attract foreign partnerships, while acknowledging the urgency to adapt to potential market fluctuations related to global oil demand. Smart investors and entrepreneurs should focus on supporting infrastructure and technology enhancements in this burgeoning sector to capitalize on the upcoming exploration and production phases through the end of 2028.
