Indias Reliance Industries has decided to drop out of plans to develop an offshore oil exploration block in Oman six years after signing a production sharing agreement with the government.
"Reliance has informed us that it was withdrawing from Block 18 because the company said its discovery there does not justify the effort they put in the last six years," an oil and gas ministry official was quoted as saying by Reuters.
Oman and Reliance signed a deep water exploration and production sharing agreement for the concession in the Sohar Basin in June 2005.
Reliance now plans to concentrate on its other concession in Oman, Block 41, in the eastern part of the sultanate.
Oman has signed a number of oil concession deals in recent years in a bid to boost its oil production.
