Extended Licensing Agreement Signed for 2nd Phase of Khazzan Gas Field

British Petroleum (BP) and Oman Oil Company Exploration and Production (OOCEP) signed an agreement with the Government of the Sultanate of Oman, represented by the Ministry of Oil and Gas, amending the Oman Block “61” exploration and production sharing agreement (EPSA) to extend the license area, paving the way for further development of the giant Khazzan tight gas field. The agreement was signed at the Ministry of Oil and Gas today by Dr. Mohammed bin Hamad al-Rumhy, Minister of Oil and Gas of the Sultanate of Oman, Bob Dudley, BP Group Chief Executive, and Eng. Isam bin Saud al-Zedjali, CEO of Oman Oil Company on behalf of OOCEP. Under the amended EPSA, the extension adds more than 1000 square kilometres to the south and west of the original 2,700 square kilometres of Block “61”. The extension will allow a second phase of development, accessing additional gas in the area already identified by drilling activity within the original block. Development of this additional resource is subject to final approval of the Government of Oman and of BP, both expected in 2017. BP is the operator of Block “61” with a 60% interest and Oman Oil Company Exploration and Production holds the other 40%