(MENAFN) Oman's Ministry of Oil and Gas said that the government is planning to award an oil and gas block to an international oil company on production sharing basis this year, Times of Oman reported.
"Hopefully, we will award one oil block, which has both oil and gas deposits," director general of Management of Petroleum Investment said,
The Ministry also said that the awarding of the block is part of the government's efforts to open up both offshore and onshore blocks for development in a bid to enhance hydrocarbon resources in the country, after it has signed two production sharing agreement with Total Exploration and Production Oman Petroleum B V and Petrogas Kahil for the development an offshore oil block in northern coast and an onshore block in Al Wusta region last year.
The Ministry added that the recent fall in oil prices would not affect investment in oil and gas sector in the country, with the country increasing its investment expenditure in oil and gas sector by 9.35 percent in 2015 at USD3.93 million, compared with USD3.59 million in 2014.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.