(MENAFN) Oman's Ministry of Oil and Gas announced it has signed a concession agreement with Medco Arabia and Intaj for the exploration and development of block 56, which has crude oil and natural gas deposits, Times of Oman reported.
Under the agreement, the companies will explore for oil and natural gas in block 56, which is spread in an area of 5.808 square kilometers in Al Wusta Governorate.
The companies are expected to perform the geological and geophysical studies, as well as drill several wells during the exploration period, with the Omani government not expected to have any financial commitments in relation to the project during the exploration period.
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