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OMAN GOVT TO INVITE OIL FIRMS TO DEVELOP 5 NEW BLOCKS.
MUSCAT, April 1 Asia Pulse - The Sultanate of Oman plans to invite international firms to develop five more onshore and offshore oil blocks in the country on production sharing basis.
"There are few more oil blocks identified for development. We are working on it . We will invite companies to develop two offshore and three onshore blocks," Oil and Gas Minister Dr Mohammed bin Hamad al Rumhy, told reporters on Sunday.
"Hopefully, concession agreements for more than one block will be concluded before the year end," the minister added, on the sidelines of a function organised by the Petroleum Development Oman (PDO). These concession blocks are situated between Musandam and Salalah. This is part of a government strategy to enhance oil and gas production with the expertise of multinational firms.
The government has been inviting multinational oil firms to enhance oil production, whereas PDO is investing heavily to enhance output using enhanced oil recovery programmes. It was only last year that the government has awarded block 30 and 41 to RAK Petroleum and Reliance Industries (BSE:500325), respectively, for development. As many as 20 foreign companies are currently engaged in different stages of appraisal, exploration and oil production in the country. The attractive investment climate in oil sector has encouraged more foreign investments in oil and gas.
Oman's total oil production is anticipated at 790,000 barrels per day (BPD) this year from 710,000 bpd produced in 2007. Of this, 550,000 bpd is ...
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Source: HighBeam Research, OMAN GOVT TO INVITE OIL FIRMS TO DEVELOP 5 NEW BLOCKS.