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15

Oman Welcomes Foreign Companies to Develop Five Blocks

The Sultanate plans to invite international firms to develop five more onshore and offshore oil blocks in the country on production sharing basis

Oman plans to invite international oil companies to develop five more onshore and offshore oil blocks on production sharing basis.

"We will invite companies to develop two offshore and three onshore blocks," Oil and Gas Minister Dr Mohammed bin Hamad al Rumhy told reporters yesterday.

"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).

The move is a part of a government strategy to enhance oil and gas production with the expertise of multinational firms.