Oman Lasso Exploration & Production “OLEP” is a multinational company managed by independent oil and gas professionals.
H E Mohammed al Rumhy, Minister of Oil and Gas, and Amrou al Sharif, president and chief executive officer of Oman Lasso Exploration & Production Karwan signed the agreement on September 22nd, 2015.
Under the agreement, OLEP will explore for oil and natural gas in Block 54, which covers 5,632 sq km and is located in Al Wusta governorate. Occidental Petroleum relinquished the block in 2011.
OLEP would implement an aggressive exploration plan as there will be an initial phase of exploration for three years that will be followed by a three-year second phase. OLEP have committed to four wells in the first exploration phase, and subsequently, depending on the first phase wells there would have several options for the second phase.
What Differentiates OLEP from others operating in the region is the novel approach, not only in the science and technical aspects, but also in the mindset behind the tried and tested model in which it operate as an independent oil and gas company. It is OLEP’s management conviction that this model will lend to the development of The Sultanate of Oman’s human and natural resources.