Oman’s government is set to award two onshore oil and gas exploration blocks to international oil firms in the Southern Dhofar region in September, according to the Times of Oman.
According to the Times, Oman’s Ministry of Oil and Gas has already finalised the terms and conditions of the deal for the proposed two blocks, numbered 39 and 66.
The Oil Ministry is reported to be collating data for the tender of another seven blocks, four onshore and three offshore.
With oil prices staying well above $100 a barrel, Oman is reporting greater interest from international oil firms in capital-intensive exploration and production activities that may be uncompetitive at lower prices.
Saleh A Al Anboori, Director-General of Management of Petroleum Investment, told the Times that Oman is also incentivizing upstream exploration and development by offering production sharing contracts.
