Mubasher: Occidental Oman has signed two agreements at a combined value of OMR 22.3 million ($58 million) for exploring oil and gas in the coming period.
The company inked one for itself, while the other was signed as part of a joint venture (JV) with Oman Oil Company Exploration and Production.
“The deals grant exploration rights for two concessions, one of which is Block 65 that covers 1,230km² and may hold oil. The other, Block 51, spans 10,133km² and may have gas reserves,” according to Construction Week Online.
Occidental Oman will pump OMR 12.3 million in Block 65, while Oman Oil Company Exploration and Production will invest OMR4.6 million into the concession block.
On a related note, Occidental Oman will inject OMR 5.3 million in Block 51 during the coming six years over two phases.
The two contracts are considered part of the GCC nation’s efforts to boost offshore finds to 19 drilling wells.
“Oman's government said new blocks for the exploration of oil and gas will be offered to the market in 2019,” Construction Week Online said.
