Six years into their production sharing agreement with Oman’s PDO, India’s Reliance Industries has abandoned plans to develop an offshore oil exploration block in the Sohar basin in Oman, an oil and gas ministry official has told Reuters.
“Reliance has informed us that it was withdrawing from block 18 because the company said its discovery there does not justify the effort they put in the last six years,” the ministry source told Reuters.
Reliance now plans to concentrate on its other concession in Oman, Block 41, in the eastern part of the sultanate, the official added.
Oman has signed many production sharing agreements in recent years in a bid to increase it’s oil production output fromÂ
