2 minute read | December.09.2025
Kistos, an integrated energy company operating in the UK, Norway and the Netherlands, has entered into a binding agreement to acquire a 5% working interest in Block 9 and a 20% working interest in Blocks 3 and 4 — licensed exploration and production areas — from Mitsui E&P Middle East B.V., both located onshore in the Sultanate of Oman.
Orrick advised Kistos on the transaction.
Kistos (LSE: KIST) is an independent energy company focused on generating value across the upstream and midstream markets. Their investments include upstream operations, both offshore and onshore, and the operation of critical infrastructure to process and store hydrocarbons for ready deployment in the energy market.
Mitsui E&P Middle East B.V. is a subsidiary of Mitsui & Co., Ltd., a major Japanese trading and investment company with global energy exploration and production operations.
This acquisition marks Kistos’ entry into the Middle East and supports its strategy to diversify and grow its portfolio. The assets include both producing fields and exploration opportunities, delivering immediate production and future growth potential.
For $148 million (effective 1 January 2025), Kistos will add an estimated 25.6 mmboe of 2P reserves and 9,000 -10,000 boepd of predominantly liquids production in 2025. The transaction is expected to be immediately cash-generative, with reserves valued at approximately $5.80 per boe.
The Orrick team is led by Ed Lukins, supported by Edward Dyson, Anna Howell and Abigail Parkin.