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Bp Begins Production From Ghazeer Gas Field In Oman

bp plc (BP.L,BP_UN.TO,BP) announced Monday that production has begun from its Block 61 Phase 2 Ghazeer gas field in Oman, 33 months after the development was approved.

Ghazeer was initially expected to come into production in 2021. The first phase of development of Block 61 - Khazzan - was brought online in September 2017.

Total production capacity from Block 61, comprising both Khazzan and Ghazeer, is expected to rise to 1.5 billion cubic feet of gas a day and more than 65,000 barrels a day of associated condensate. With an estimated 10.5 trillion cubic feet of recoverable gas resources, the block has the capacity to deliver approximately 35% of Oman's total gas demand.

Mohammed Al Rumhy, Minister of Energy & Minerals of the Sultanate of Oman, stated that the gas from Ghazeer will contribute towards Oman's 2040 vision in terms of providing additional energy to local industries as well as diversifying the economy.

Bernard Looney, bp chief executive, said, "This project has been delivered with capital discipline four months early, wells are being drilled in record times and, importantly, safety performance has been excellent. It exemplifies what a strong and resilient hydrocarbons business looks like - a core part of our strategy."

The company noted that as this important first gas milestone is achieved, Omanisation in bp Oman reached over 80%.

Omani-registered companies were also used for over 85% of all project spend.

In London, bp shares are trading at 218.35 pence, down 1.69 percent.

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