Oman’s Power and Minerals Ministry on Sunday opened bidding functions for 5 new oil and fuel concession areas.
Blocks 12 and 16 span 5,050 sq. kilometers (1,949.81 miles) and 4,496 sqkm respectively within the Higher Barik Space in central Oman, the ministry stated in a press launch.
Blocks 42 and 45 cowl 30,682 sqkm and 5,483 sqkm respectively within the Sharqiyah Sands Basin and surrounding areas.
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Block 55 gives 7,564 sqkm within the Japanese Flank Province.
Registration ends September 30. Proposals will endure “technical and monetary analysis”, the ministry stated.
The provide goals to strengthen the Gulf nation’s partnerships with worldwide firms, it stated, although the public sale can also be open to native gamers.
“The ministry affirmed that the providing of those areas comes as a part of its ongoing method to enhancing a pretty funding atmosphere primarily based on the rules of transparency and equal alternatives, thereby contributing to attracting high quality investments, transferring trendy applied sciences, and maximizing the added worth of the oil and fuel sector”, it stated.
Earlier this yr the federal government signed a concession settlement with Oman’s state-owned OQ Exploration and Manufacturing SAOG (OQEP) and Malaysia’s state-owned Petroliam Nasional Bhd (Petronas) for an offshore block. Block 18 spans over 21,000 sqkm within the Gulf of Oman, in keeping with the ministry.
“It’s thought of one of many offshore areas with numerous geological potential, regardless of the technical challenges related to exploration and drilling in deep waters, as no confirmed discoveries have beforehand been made within the block”, it stated in an internet assertion February 12.
“The settlement contains an preliminary exploration interval of 4 years, which can be prolonged, with the potential for declaring commerciality and granting a manufacturing concession for a interval of as much as 30 years”, the ministry stated.
Petronas is operator with a 70 p.c stake. OQEP owns 30 p.c.
In response to the most recent “Annual Statistical Bulletin” of the Group of the Petroleum Exporting International locations (OPEC), Oman had 4.97 billion barrels of confirmed oil reserves in 2024, the seventh-iggest within the Center East. Oman will not be a member however an ally of OPEC via the OPEC+ group.
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