MUSCAT: Oman’s Ministry of Oil and Gas on Tuesday signed an exploration and production sharing agreement with Oman Oil Company Exploration and Production for developing block 48, located between Al Wusta and Al Dhahira regions.
Under the agreement, the Oman Oil Company Exploration and Production, which is a subsidiary of the state-owned Oman Oil Company, will explore oil and gas in an area of 2,995 square kilometres.
The company will reprocess old seismic survey, carry out new 2D and 3D seismic surveys and drill a well during the exploration period. The agreement was signed by Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, with Isam Al Zadjali, the chief executive officer of the Oman Oil Company.
Al Zadjali said the initial exploration period would normally be three years and the company plans to drill one well and conduct detailed seismic studies during the period.
“Block 48 is next to block 60, which is producing oil and gas,” he added.
