Oman Expands Oil, Gas Exploration by Signing New Concession Agreement

Officials at the contract signing ceremony (Oman News Agency)

The Omani Ministry of Energy and Minerals on Sunday signed an agreement with Daleel Petroleum Company (the operator) to explore and develop Concession Area No. 15 in Al Dhahirah Governorate.
The concession agreement constitutes a strategic step towards enhancing oil and gas reserves and expanding production rates through the resources of Area No. 15, a stretch of ​​1,389 square kilometers.
Through this new agreement, Daleel Petroleum Company will undertake a set of geological and geophysical studies, reprocess existing seismic data, conduct a 3D seismic survey and drill several wells to assess the hydrocarbon potential in the designated area.
The agreement was signed by Salim al Aufi, Minister of Energy and Minerals, Mohammed al Barwani, Chairman and Founder of Mohammed Al Barwani Group and Zhang Yu, Vice President of the People’s Republic of China’s national development corporation.
Salah Hafiz Al Dhahab, Director General of Investment at the Ministry of Energy and Minerals, said that Daleel Petroleum company was awarded the contract (as the operator) due to its success in developing Concession Area No. 5 with high efficiency and raising its daily oil production from 5,000 to more than 50,000 barrels per day, according to the Oman News Agency.
Al Dhahab added that the agreement embodies the government’s confidence in national companies operating in the sector, while at the same time underlines Oman’s keenness to consolidate its relationship with Chinese partners, opening the way for more cooperation opportunities that would attract foreign investments.