Oman Oil Company (OOC) SAOC, the Sultanate's flagship energy investment firm, will acquire 40% stake in BP Oman later this year. Oman's Oil and Gas Minister Dr Mohammed bin Hamed Al Rumhy told journalists the agreement on the development of Block 61's gas reserves will be signed later this year and the wholly Omani government-owned company will be a partner in the joint venture that will harness the block’s potentially immense gas reserves potential, according to Oman Daily Observer report today. "Oman Oil will become a partner when commerciality is declared. Then BP Oman (the block's licensee) will be owned 40% by Oman Oil and 60% by BP," the minister said. We are looking to have all the agreements signed and sealed by early to mid-December, the lawyers are working on them right now, he added.