BP PLC (BP.LN) said on Monday that production from the Khazzan gas field in Oman, the company's largest project start-up in 2017, has begun, operated in partnership with Oman Oil Company Exploration and Production.
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BP said that production at the Khazzan field, which is initially expected to produce 1 billion cubic feet of gas per day, began ahead of schedule and under budget. The company also said that, once development phases one and two are complete, the gas field will produce up to 1.5 billion cubic feet of gas per day. Together, phases one and two will develop an estimated 10.5 trillion cubic feet of recoverable gas resources.
BP signed an agreement for Block 61, which contains the Khazzan gas field, in 2007, and holds a 60% interest in the area. The remaining 40% is held by the Oman Oil Company Exploration and Production.
BP said that the Khazzan field was the company's sixth and largest upstream project of the year, adding that it expects to launch one more project before the start of 2018.
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(END) Dow Jones Newswires
September 25, 2017 02:53 ET (06:53 GMT)