Oman's energy ministry signed a concession agreement with Lebanon's CC Energy Development (CCED) for oil and gas exploration in concession areas number 38 and 74 in Dhofar province, the Oman state news agency said on Sunday.
The Lebanese company will conduct geological and geophysical studies and seismic surveys necessary for oil and gas prospecting and exploration operations.
The two concession areas are located in Dhofar governorate: Area No. 38 is situated southwest of the governorate and spans around 17,425 square kilometers, while Concession Area No. 74 is located southeast and spans around 3,064 square kilometers.
Oman's Minister of Energy and Minerals Salem al-Awfi and CCCED's president and director Marwan Salloum signed the concession agreement.
Awfi explained that the agreement reflects the Ministry of Energy and Minerals' commitment to expanding exploration and prospecting for oil and gas resources in Oman and the confidence that the Sultanate enjoys from local and international investors.
Furthermore, the initiative is expected to increase the sector's production capacity.
"By entering into this agreement, we strive to fortify current partnerships and build new ones in this sector, maximize the benefits from oil and gas resources, and employ cutting-edge sustainable technologies in exploration and prospecting operations," he said.
For his part, Salloum said the company's 15-year partnership with the Ministry, which led to our investments in concession areas 3 and 4.
He hoped the signing of the agreement for concession areas 38 and 74 will contribute to strengthening the company's investments in Oman during the coming years.
The director general of investment at Oman's Energy Ministry, Salah al-Dhahab, hoped the results of the geophysical surveys in the two areas would be successful to proceed to the drilling phase.
He pointed out that the signing of the agreements for concession areas 38 and 74 is a new addition to the operational areas, and one of the Ministry's goals is to increase the operating regions of the oil and gas sector.
The official noted that these two areas will be under the umbrella of exploration and prospecting through the signatory company, hoping they will have vast amounts of geophysical survey processing operations.
He noted that one of the areas will include new two-dimensional surveys, and drilling operations will follow if the results are successful.
