Shell signs energy development contract in Oman

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Shell signs energy development contract in Oman

May 13, 2018 10:00 AM

Shell Gas & Power Developments has signed an agreement with Oman to cover upstream gas exploration and development gas-to-liquids (GTL) liquefied natural gas (LNG) and renewable energies in the Sultanate....

Shell Gas & Power Developments has signed an agreement with Oman to cover upstream gas exploration and development, gas-to-liquids (GTL), liquefied natural gas (LNG) and renewable energies in the Sultanate.

The memorandum of understanding (MoU) sets out an initial mutual understanding between Shell and Oman and serves as a platform for further negotiations on the proposed developments. Under the agreement, Shell is to operate an upstream project with Total and Oman Oil Company (OOC) as partners. It will also operate a GTL project with OOC as a partner.

The proposed investments will help Oman meet its energy needs and growth aspirations and are aligned with Shell’s strategy of building a resilient and relevant portfolio that is positioned for long term success.

Maarten Wetselaar, Shell Integrated Gas & New Energies director, said: “Shell has a long and proud history in Oman, and we are pleased to have the opportunity to take it to new levels through our proposed programme of development and investment in the country. We are hopeful we can use Shell’s integrated gas and new energies investment to accelerate Oman’s diversification and industrialization agenda. The proposals could also enhance in-country value, resulting in value and job creation in Oman’s economy.”

Chris Breeze, Shell’s country chair in Oman, said: “We are focused on maximising value for Oman and Shell by sustainably developing the country’s resources and increasing the share of renewable energy in Oman’s energy mix. This is in line with Shell’s aim to provide more and cleaner energy solutions.”

The MoU sets out an initial mutual understanding between Shell and Oman and serves as a platform for further negotiations on the proposed developments. Further announcements will be made as and when appropriate, a statement said. – TradeArabia News Service

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