Phillips, Sultanate of Oman sign exploration/production-sharing contract.BARTLESVILLE, Okla.--(BUSINESS WIRE)--June 17, 1996--Phillips Petroleum Oman Ltd. and the Sultanate of Oman have signed an exploration/production-sharing contract covering 4.5 million acres in southern Oman. The contract area, Block 36, is adjacent to the borders of Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and Yemen and flanks the prolific Rub Al Khali Rub al Khali (rb äl khä`lē) [Arab.,=empty quarter], great desert of the Arabian peninsula, c.225,000 sq mi (582,750 sq km); one of the largest sand deserts in the world. Basin in Saudi Arabia and the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. . Phillips will commence field operations immediately and establish an office in Muscat Muscat, Maskat, or Masqat (all: mŭs`kăt, mŭs`kət), city (1993 pop. 533,774), capital of Oman, SE Arabia, on the Gulf of Oman. It is flanked by rugged mountains. , Oman's capital, in September. The company will conduct an aeromagnetic survey An aeromagnetic survey is a common type of geophysical survey carried out using a magnetometer aboard or towed behind an aircraft. The principal is similar to a magnetic survey carried out with a hand-held magnetometer, but allows much larger areas of the Earth's surface to be by year-end 1996 and begin acquiring seismic data early in 1997. The company has committed to drill five wells over the nine-year exploratory phase of the agreement. Wayne Allen, Phillips' chairman and chief executive officer, and Sa'id Bin Ahmed Al Shanfari, minister of petroleum and minerals for Oman, signed the agreement June 15 in a ceremony in Muscat. "This agreement marks the opening of a new phase of exploration in the Middle East for Phillips," said Allen. "And it's evidence of our commitment to significantly grow reserves and production worldwide in the years ahead. We're excited by the potential of Block 36, and encouraged by our association with the Sultanate of Oman. We will seek to develop further business opportunities in this vital region of the world." Phillips Petroleum Oman Ltd., a unit of Phillips Petroleum Co. (NYSE NYSE See: New York Stock Exchange :P), holds a 100-percent interest in the exploration/production-sharing agreement. Phillips is an international integrated petroleum company headquartered in Bartlesville, Okla., employing 17,000 worldwide. Founded in 1917, the company is engaged in petroleum exploration and production; natural gas gathering, processing and marketing; petroleum refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , marketing and transportation; and chemicals and plastics production and distribution. CONTACT: Phillips Petroleum Oman Ltd. Rob Phillips, 918/661-9326 Jeanne Forbis, 918/661-5597 Patricia Marshall, 918/661-5139 |
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