<p>Block 18, a 21,140 sq km concession located off the Batinah coast, was relinquished by the conglomerate's wholly-owned Dubai-based subsidiary, Reliance Exploration and Production DMCC.<br /><br />The decision follows an exploratory drilling campaign that failed to unearth any significant prospects, the Oman Daily Observer report said.<br /><br />The move comes six years after Reliance inked a deepwater Exploration and Production Sharing Agreement with the Oman government for Block 18 in the Sohar Basin in June, 2005.<br /><br />While withdrawing from the concession, Reliance stated that the results of its drilling campaign targeting Block 18 had "not been encouraging".<br /><br />It estimated the total expenditure incurred on Block 18, as well as another block in East Timor, at USD 177 million, the report said.<br /><br />State-owned Oman Oil Company Exploration and Production (OOCEP), which had acquired a 30 per cent interest in Block 18 under a farm-out agreement signed in October, 2009, is unlikely to take over the concession and the Ministry of Oil and Gas is expected to remarket the block.<br /><br />In conjunction with the farm-out agreement, OOCEP also signed a Joint Operating Agreement with Reliance, which provided the basis for setting up a joint operating company to be managed by the two companies upon a commercial discovery being established in Block 18.<br /><br />Meanwhile, Reliance is currently focused on the development of its sole existing concession in Oman, Offshore Block 41, which covers an area of around 23,800 sq km off the Sharqiya coast.<br /><br />The company is awaiting the results of 2D seismic surveys before it pursues the next phase of its exploratory plan in Block 41, it said.<br /><br />Reliance Exploration and Production DMCC's portfolio currently consists of 12 blocks spread across Oman, Yemen, Kurdistan, East Timor, Peru, Australia and Colombia, the report said.</p>
<p>Block 18, a 21,140 sq km concession located off the Batinah coast, was relinquished by the conglomerate's wholly-owned Dubai-based subsidiary, Reliance Exploration and Production DMCC.<br /><br />The decision follows an exploratory drilling campaign that failed to unearth any significant prospects, the Oman Daily Observer report said.<br /><br />The move comes six years after Reliance inked a deepwater Exploration and Production Sharing Agreement with the Oman government for Block 18 in the Sohar Basin in June, 2005.<br /><br />While withdrawing from the concession, Reliance stated that the results of its drilling campaign targeting Block 18 had "not been encouraging".<br /><br />It estimated the total expenditure incurred on Block 18, as well as another block in East Timor, at USD 177 million, the report said.<br /><br />State-owned Oman Oil Company Exploration and Production (OOCEP), which had acquired a 30 per cent interest in Block 18 under a farm-out agreement signed in October, 2009, is unlikely to take over the concession and the Ministry of Oil and Gas is expected to remarket the block.<br /><br />In conjunction with the farm-out agreement, OOCEP also signed a Joint Operating Agreement with Reliance, which provided the basis for setting up a joint operating company to be managed by the two companies upon a commercial discovery being established in Block 18.<br /><br />Meanwhile, Reliance is currently focused on the development of its sole existing concession in Oman, Offshore Block 41, which covers an area of around 23,800 sq km off the Sharqiya coast.<br /><br />The company is awaiting the results of 2D seismic surveys before it pursues the next phase of its exploratory plan in Block 41, it said.<br /><br />Reliance Exploration and Production DMCC's portfolio currently consists of 12 blocks spread across Oman, Yemen, Kurdistan, East Timor, Peru, Australia and Colombia, the report said.</p>