Oman Expects New Block Award By December

Oman’s Ministry of Oil and Gas (MOG) expects to make at least one license award by the end of the year as it looks to end a difficult year for the industry on a high.

Speaking this week, Undersecretary at the MOG Salim al-‘Oufi said the ministry was currently in talks with a foreign oil company over a contract for the Block 7 concession on Oman’s border with Saudi Arabia. The undersecretary said he hoped a contract award for the license can be made before year-end.

“We have signed an agreement recently, and I expect maybe one more before the end of the year,” Mr ‘Oufi told local daily the Times of Oman on 4 October, referring to a contract signed just weeks earlier with US company Oman Lasso Exploration and Production for Block 54 in the south of Oman. Should it materialize, the award will come less than a year after the block was pulled from Omani independent Petrogas E&P in December 2014, following the expiry of its 15-year contract at the concession. (CONTINUED - 329 WORDS)