Author: admin

The name of “Oman Development Bank SAOC” is hereby amended to “Development Bank SAOC”, and the provisions of the attached system shall apply in regard to it.

Article II

Development Bank SAOC shall prepare its articles of association in accordance with the provisions of the aforementioned Commercial Companies Law.

Article III

The provisions of this decree and the attached system do not prejudice the rights and obligations arising before the date of its entry into force.

Article IV

The Minister of Finance shall issue the executive regulation of the attached system and the decisions necessary for its implementation. Until they are issued, the existing regulations and decisions continue to operate to the degree that they do not contradict with the provisions of this decree and the attached system.

Article V

All that is contrary to this decree and the attached system, or in conflict with their provisions, is hereby repealed.

Article VI

This decree shall be published in the Official Gazette, and comes into force on the day following the date of its publication.

Issued on: 6 Jumada Al-Awwal 1445
Corresponding to: 20 November 2023

Haitham bin Tarik
Sultan of Oman

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Royal Decree

Royal Decree 85/2023 Approving the Assignment of a Percentage of the Rights and Obligations in the Petroleum Agreement for Concession Block 48

Post author By admin
Post date November 20, 2023

Arabic We, Haitham bin Tarik, the Sultan of Oman after perusal of the Basic Statute of the State, the Oil and Gas Law promulgated by Royal Decree 8/2011, Royal Decree 12/2017 Approving the Petroleum Agreement Signed between the Government of the Sultanate of Oman and Oman Oil Company Exploration and Production LLC for Block 48, and the collection of documents by which OQ Exploration and Production LLC (formerly Oman Oil Company Exploration and Production LLC) assigned 20% of its rights and obligations in the petroleum agreement signed on 31 January 2017 for Block 48 to MedcoEnergi Oman Block 48 Limited (Oman Branch), and 20% of its rights and obligations in this agreement to Medco Daya Oman Block 48 Pte Ltd (Oman Branch), and in pursuance of public interest,

have decreed as follows

Article I

The assignment by OQ Exploration and Production LLC of 20% of its rights and obligations in the petroleum agreement signed on 31 January 2017 for Block 48 to MedcoEnergi Oman Block 48 Limited (Oman Branch) is hereby approved.

Article II

The assignment by OQ Exploration and Production LLC of 20% of its rights and obligations in the petroleum agreement signed on 31 January 2017 for Block 48 to Medco Daya Oman Block 48 Pte Ltd (Oman Branch) is hereby approved.

Article III

The final shares of the parties to the agreement are hereby as follows:

– 60% for OQ Exploration and Production LLC.

– 20% for MedcoEnergi Oman Block 48 Limited (Oman Branch).

– 20% for Medco Daya Oman Block 48 Pte Ltd (Oman Branch).

Article IV

This decree shall be published in the Official Gazette, and comes into force on the date of its issuance. Issued on: 6 Jumada Al-Awwal 1445 Corresponding to: 20 November 2023

Haitham bin Tarik Sultan of Oman

Published in Official Gazette 1521 issued on 26 November 2023.

Royal Decree

Royal Decree 86/2023 Approving the Assignment of a Percentage of the Rights and Obligations in the Petroleum Agreement for Concession Block 60

Post author By admin
Post date November 20, 2023

Arabic

We, Haitham bin Tarik, the Sultan of Oman

after perusal of the Basic Statute of the State,

the Oil and Gas Law promulgated by Royal Decree 8/2011,

Royal Decree 56/2011 Approving the Petroleum Agreement between the Government of the Sultanate of Oman and Oman Oil Company Exploration and Production LLC for Concession Block 60,

and the collection of documents by which OQ Exploration and Production LLC (formerly Oman Oil Company Exploration and Production LLC) assigned 20% of its rights and obligations in the petroleum agreement signed on 19 March 2011 for Concession Block 60 to MedcoEnergi Oman Block 60 Limited (Oman Branch), and 20% of its rights and obligations in this Agreement to Medco Daya Oman Block 60 Pte Ltd (Oman Branch),

and in pursuance of public interest,

have decreed as follows

Article I

The assignment by OQ Exploration and Production LLC of 20% of its rights and obligations in the petroleum agreement signed on 19 March 2011 for Concession Block 60 to MedcoEnergi Oman Block 60 Limited (Oman Branch) is hereby approved.

Article II

The assignment by OQ Exploration and Production LLC of 20% of its rights and obligations in the petroleum agreement signed on 19 March 2011 for Concession Block 60 to Medco Daya Oman Block 60 Pte Ltd (Oman Branch) is hereby approved.