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Oman to Offer Offshore Oil, Gas Concessions this Year

General view of old Muscat in Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo
General view of old Muscat in Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo
    Asharq A-Awsat
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Oman to Offer Offshore Oil, Gas Concessions this Year

General view of old Muscat in Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo
General view of old Muscat in Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo

Oman is in the preparation process to offer a new batch of oil and gas concession areas by the end of the first quarter of 2023, the energy ministry said in a tweet on Thursday.

While the first batch will target onshore blocks, the Gulf-state will also offer offshore oil and gas blocks by the end of the second quarter of 2023, the ministry added.

Earlier, the ministry said in a different tweet that the Sultanate signed a mineral exploration deal with UK's Knights Bay to extract nickel.

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Saudi PIF to be Anchor Investor in Brookfield Middle East Partners

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi PIF to be Anchor Investor in Brookfield Middle East Partners

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia's Public Investment Fund (PIF) will be an anchor investor in Brookfield Asset Management's new $2 billion Middle East-focused private fund, the companies announced on Wednesday.

A non-binding agreement for the PIF to back the new Middle East fund was signed with the Canadian asset management firm at the Kingdom's flagship investment summit taking place in Riyadh.

At least half of the capital is to be invested in Saudi Arabia and in international companies that are looking to expand in the Kingdom, the companies said in a joint statement.

The investment platform, known as Brookfield Middle East Partners (BMEP), will target $2 billion from a range of investors and intends to focus on buyouts and structured solutions, among other investment opportunities in the region.