عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Oman Energy Ministry Signs Concession Agreement with Lebanon's CC Energy Development

The Omani Ministry of Energy signed the oil and gas exploration concession agreement with the Lebanese CC Energy Development (Omani News Agency)
The Omani Ministry of Energy signed the oil and gas exploration concession agreement with the Lebanese CC Energy Development (Omani News Agency)
TT
20
TT

Oman Energy Ministry Signs Concession Agreement with Lebanon's CC Energy Development

The Omani Ministry of Energy signed the oil and gas exploration concession agreement with the Lebanese CC Energy Development (Omani News Agency)
The Omani Ministry of Energy signed the oil and gas exploration concession agreement with the Lebanese CC Energy Development (Omani News Agency)

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.

Most Viewed

 
Business

UN Forecasts Slower Global Economic Growth Following Trump’s Tariffs and Trade Tensions 

An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)
An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)
TT
20
TT

UN Forecasts Slower Global Economic Growth Following Trump’s Tariffs and Trade Tensions 

An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)
An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)

The United Nations on Thursday forecast slower global economic growth this year and next, pointing to the impact of the surge in US tariffs and increasing trade tensions.

UN economists also cited the volatile geopolitical landscape and threats of rising production costs, supply chain disruptions and financial turbulence.

“These days, there’s so much uncertainty in the air,” said Shantanu Mukherjee, director of the Economic Analysis and Policy Division at the UN Department of Economic and Social Affairs.

“It’s been a nervous time for the global economy,” he told reporters while launching the midyear forecast. “In January this year, we were expecting two years of stable — if subpar — growth, and since then, prospects have diminished, accompanied by significant volatility across various dimensions.”

The UN is now forecasting global economic growth of 2.4% this year and 2.5% next year — a drop of 0.4 percentage point each year from its projections in January. Last year, the global economy grew 2.9%.

Mukherjee said the slowing is affecting most countries and regions, but among the most severely hit are the poorest and least developed countries, whose growth prospects have fallen from 4.6% to 4.1% just since January.

“That translates into a loss of billions in economic output for the most disadvantaged of countries,” which are home to over half the global population living in extreme poverty, he said.

The world’s developed and developing countries also are projected to suffer, according to the UN report.

Economic growth in the United States is now projected to drop significantly, from 2.8% last year to 1.6% this year, it said, noting that higher tariffs and policy uncertainty are expected to weigh on private investment and consumption.

China’s growth is expected to slow to 4.6% this year from 5% in 2024 as a result of subdued consumer sentiment, disruptions in its export-oriented manufacturing companies, and continuing challenges in its property sector, the report said.

The European Union’s growth is forecast to remain the same this year as it was last year — just 1%, the report said, citing weaker net exports and higher trade barriers. The United Kingdom’s economic growth of 1.1% last year is projected to fall to 0.9%.

Weakening trade, slowing investments and falling commodity prices are also forecast to erode growth in other major developing economies, including Brazil, Mexico and South Africa.

India will remain one of the world’s fastest-growing large economies, but the UN forecast said its growth is expected to drop from 7.1% in 2024 to 6.3% this year.

The UN’s global economic growth forecast is lower than the International Monetary Fund’s.

On a more positive note, Mukherjee said the UN is expecting that bilateral negotiations will lead to lower tariffs, although he said they won’t return to the levels before US President Donald Trump’s February announcement.

Nonetheless, Mukherjee said, resolving uncertainties would help individuals and businesses move forward with economic decisions and that would have a positive impact on the global economy.