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Oman Expands Oil, Gas Exploration by Signing New Concession Agreement

Officials at the contract signing ceremony (Oman News Agency)
Officials at the contract signing ceremony (Oman News Agency)
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Oman Expands Oil, Gas Exploration by Signing New Concession Agreement

Officials at the contract signing ceremony (Oman News Agency)
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.

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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.