MB Holding Company LLC

Oilfield Services : Exploration & Production : Mining & Minerals : Trading & Manufacturing : Investments

 
MB Holding Company LLC
 
 

Corporate Highlights

 

Our Mission
To be a worldwide player in providing integrated gas and oil well engineering services and to explore and produce oil, gas and mineral resources responsibly and cost effectively.

Our Vision
To achieve global eminence in the energy and mining industries and to be a partner of choice to all our stakeholders in our chosen areas of expertise.

Our Corporate Values
• Providing reliable quality services at a competitive price.
• Health, safety and environmental excellence in all our services.
• To be at the leading edge of technology.
• Continuous performance improvement.
• To sustain growth and corporate success.
• Respect values and expectations of all stakeholders.
• To provide opportunities for the growth and self development of all   our employees.

Our HSE Commitment
• We shall look after ourselves
• We shall look after the people around us
• We shall look after the environment around us


Corporate Structure of Petrogas
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Corporate Structure of MB Holding Company LLC
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                    Exploration & Production
 
Petrogas E&P LLC


Petrogas E&P LLC is a limited liability company registered and incorporated in the Sultanate of Oman actively engaged in acquisition, operation and management of oil and gas properties. The company is fully owned by MB Holding and consists of three main entities: Petrogas LLC, Mazoon Petrogas SAOC and New Business Development.

Petrogas LLC (Block 7)
Petrogas LLC was established in January 1999, and in the same year acquired Block 7 (Butabul) Oil and Gas concession in Oman from Elf Petroleum and became the sole operator of Block 7.

Prior to acquisition of Block 7, the production was declining at a rate of 17% annually. Since Petrogas took over operations, the decline was arrested and the field continued to produce at around average of 2,000 barrels/day. After two years of operations, Block 7 reserves were substantially increased to reach 5 million bbls (proven) and 8.9 million bbls (proven + probable).


Mazoon Petrogas SAOC and Daleel Petroleum Company (Block 5)
In January 2001, Mazoon Petrogas SAOC acquired Block 5 (Wadi Aswad) oil and gas concession from Japex and became the 100% owner and operator of Block 5. Subsequently the company sold its 50% rights in Block 5 to CNODC a subsidiary of China National Petroleum Corporation (CNPC). The two shareholders then formed a joint venture, Daleel Petroleum Company, to operate Block 5. At the time of acquisition, Daleel oilfield had remaining reserves in the order of some 15 million bbls.

Since 2002, Mazoon Petrogas SAOC and CNPC have jointly invested over US$180 million in production enhancement projects, mainly in the implementation of waterflood to increase production from 5,000 bpd to 35,000 bpd (production had reached 15,000 bpd at 1.1.2004). As a result, production increased from 4,759 barrels/day in June 2002 to the level of 15,135 barrels/day at the end of year 2005.

New Business Development
In 2004, Petrogas E&P LLC formed a new business development division to handle the evaluation and acquisition of new E&P assets. Evaluations covered assets not only within Sultanate of Oman but spanning a gamut of assets in various countries. The main regions considered outside Oman are the Middle East, Africa and India.

In 2007 Petrogas bagged three (3) exploration oil & gas blocks in India and acquired 30% stakes in area A, Eastern desert, Egypt. In 2008 Petrogas awarded operations of small fields in Oman.
Petrogas E&P is on the lookout for the acquisition of oil and gas concessions with potential for exploration and development as operator and/or partner with national and/or international companies, to develop hydrocarbon resources. The ultimate goal for Petrogas E&P is to reach 100,000 boe from operations by 2010.

For more information, visit www.petrogasllc.com
 
 

 

MB Holding Company LLC