Oman Announces New Bid Round As Record Output Continues

Oman’s Ministry of Oil and Gas (MOG) announced details of a new oil and gas bidding round on 12 October. Four blocks are on offer in Oman’s first bid round since 2014. It opens on 23 October and extends to 15 February. When the bid round was initially proposed earlier this year, Oman had suggested it could offer up to five blocks (MEES, 24 June). Of the four blocks on offer one is offshore (Block 52), with three onshore (Blocks 30,31 and 49 – see map).

The bid round comes at a time when there is considerable momentum within Oman’s oil and gas sector. Latest figures from the ministry show that September production of crude oil and condensate was 1.003mn b/d. While 10,000 b/d down on August’s record 1.013 mn b/d, it marked a record fifth consecutive month of production being above 1mn b/d. Production in the first three quarters of 2016 has averaged 1.013 mn b/d, meaning that the Sultanate is on track to easily break its 990,000 b/d 2016 target. (CONTINUED - 532 WORDS)