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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)