State-owned Oman Occidental assigned to explore for oil, gas in two concessions

Oman has penned two agreements granting Oman Occidental, a unit of state-run Oman Oil Co, the rights to explore for oil and gas in concessions 51 and 65.

The announcement by the Gulf country’s oil ministry on Twitter says the state gave rights for concession 51 to Occidental Oman and for concession 65 to Occidental Oman and Oman Oil Co unit Oman Oil Company Exploration and Production.

Concession 51 covers 10,133 square kilometers and concession 65 covers 1,230 square kilometers, the Omani state TV said in a report.

Oman Occidental for the first three years of the exploration will spend $14 million, the oil ministry director of investment Salman al-Shehhi told the state broadcaster.

Oman produces about 995,000 barrels per day.

Written by