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Saturday, 30 August, 2008, 12:00 GMT | more prices >>

Oman puts out Help Wanted sign



By Upstream staff 

Oman plans to invite international oil companies to develop five onshore and offshore oil blocks in the country on a production-sharing basis, Oil Minister Mohammed bin Hamed bin Seif al Rumhy said.

"We will invite companies to develop two offshore and three onshore blocks," Rumhy told reporters on the sidelines of a function organised by Petroleum Development Oman.

"Hopefully, concession agreements for more than one block will be concluded before the year-end," Rumhy said.

The oil concessions are located between Musandam in the north and Salala in the south, the minister said.

Oman has been inviting international oil players to help the Gulf state try to reverse a decline in crude production, Reuters reported.

The country expects oil output to rise to 790,000 barrels per day this year from 710,000 bpd in 2007, oil ministry Undersecretary Nasser bin Khamis al-Jashmi said last month.

State-owned Petroleum Development would account for 550,000 bpd of this production.

India's Reliance Industries signed a contract in November for a second exploration block off the Oman coast in the Gulf.

Swedish oil company Tethys Oil said in February it expected to start production at an onshore block in Oman by mid-2009.

Australian player Oilex operates Block 56 in the country.


Monday, 31 March, 2008, 01:43 GMT  | last updated: Monday, 31 March, 2008, 01:43 GMT

Drill call: Oman is seeking foreign partners to develop five oil blocks
 

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