Oman signs exploration agreements for developing 4 oilfieldsStaff Writer | November 15, 2017
Oman signed four exploration and production sharing agreements (EPSA) with local and multinational oil giants for developing oilfields in the country.
Oil exploration The oil blocks were awarded to the winners
The oil blocks were awarded to the winners, following the 2016 bidding round.
The first agreement was signed with Swedish firm Tethys Oil for block 49 in a large area of square 15,439 km, while the second pact was with ARA Petroleum for exploring oil in block 31, which is spread in an area of 8,528 square km.
The third agreement for block 30, in an area of 1,185 square kim, was signed with a joint venture of Occidental Oman and Oman Oil Company Exploration and Production, added the press release.
Also, the fourth was signed between the ministry and a joint venture of Eni Spa and Oman Oil Company Exploration and Production for conducting exploration in block 52, an offshore block occupying an area of 90,760 square km.
The Oman government has been encouraging multinational oil giants to find new reservoirs, in a move to sustain production levels. As huge investments are required for bringing crude oil and natural gas above the ground, the government has been encouraging global firms to undertake exploration and production on a sharing basis.
Oman's crude oil output stood at 235.33 million barrels in the first eight months of 2017, against 244.79 million barrels in the same period last year, according to the latest statistics released by the National Center for Statistics and Information. ■