Repsol Joins Rak in Oman‎

United Arab Emirates-based RAK Petroleum is set to farm-out a 50% stake in Block 47 onshore Oman to Spanish oil company Repsol. RAK will retain operatorship of the block and the deal is subject to government approval. The partnership plans to drill the Zad prospect with the well expected to spud in October 2010. The well is estimated to take three months to drill and is targeting the Amin sandstone reservoir, similar to the Kauther field discovered by Petroleum Development of Oman to the southeast of the block.

"While the Zad prospect is purely an exploration play, it is conveniently located close to both gas and oil pipelines and presents a favourable development opportunity if a discovery is made," said RAK’c chief executive Mossavar-Rahmani in a statement.- Upstream, Daily Bourse