Oman’s Oil Ministry has signed an oil and gas exploration agreement with US-based PetroTel Incorporation as part of the countrys plan to increase its national crude oil production
Under the three-year agreement, PetroTel’s Omani unit would explore for oil and natural gas in Blocks 39 and 67, located in Dhofar, the Ministry said in a statement.
Oman will not be expected to bear any financial costs during the exploration period.
The country’s oil production and condensates increased by four per cent to an average of 918,500 bpd in 2012, from a year earlier, while its natural gas production rose 3.3 per cent to 98.2mn cubic metres a day during the same period.
State-run Petroleum Development Oman (PDO) which accounted for around 70 per cent of Oman’s crude output, hoped to invest US$11bn until 2022 on 16 large oil projects, which would help increase its production by a billion barrels in total.
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