Oman’s oil minister has announced that four blocks for potential exploration will be released by the country.
Mohammed bin Hamad al-Rumhy reveleved that the blocks, 36, 38,40 and 51 will be offered to companies on a porduction-sharing agreement later this year.
Rumhy also said that he believes oil prices will remain around current levels for the rest of the year, but added that prices will hopefully remain above US$55 a barrel so that Oman could meet budget requirements.
“I don’t think the world is ready to pay more than $70 a barrel for too long. It [the oil price] could creep up to $75, but the economy isn’t strong enough to pay more,” he said.
Oman is the biggest oil producer from the GCC who is not a member of OPEC with a daily production of around 900,000 barrels.
