Kistos Secures Approval to Acquire Onshore Oil Assets in Oman
UK-based energy company Kistos has received the necessary Royal Decree from the Sultanate of Oman for its acquisition of onshore Blocks 3 and 4 (Afar & Ghunaim) from Mitsui E&P Middle East. The deal is expected to finalize soon, following adjustments related to accounting requirements since signing the original agreement in December 2025. This transaction marks Kistos' entry into the MENA region and will significantly expand its production capacity and reserves. The acquisition includes a total of $148 million for Blocks 3, 4, and Block 9 (Suneinah), with an effective date set to January 2025. The deal is expected to add approximately 25.6 mboe in proved and probable reserves and increase daily production by around 9,000–10,000 barrels of oil equivalent. Kistos will hold a 20% working interest in Blocks 3 and 4 and a 5% stake in Block 9. Mitsui is selling the assets as part of its portfolio restructuring strategy. The acquisition is expected to be immediately cash-generative, with an estimated value of $5.80 per barrel of oil equivalent.
Tickers: $OXY
Topics: Energy Oil & Gas Reserves Acquisition