(MENAFN) BP announced it has awarded two USD730 million drilling contracts for the development of its Oman's Khazzan tight gas project, Arabian Business reported.
The company said it has awarded KCA Deutag USD400 million contract for the construction and operation of five land rigs for Khazzan and another USD330 million contract to Oman's Abraj Energy Service for the supply of three drilling rigs for the full field development.
The Khazzan project, which BP expects to invest in around USD9.6 billion until it is fully developed, aims at extracting around one billion cubic feet per day of gas from sandstone.
BP is set to have 60 percent stake in the USD16 billion project, while state-owned Oman Oil Company Exploration & Production (OOCEP) will have a 40 percent stake.
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