Oman grants US Hunt Oil offshore exploration rights
Oman granted US firm Hunt Oil Wednesday an offshore gas and oil exploration concession, the official ONA news agency said. Oil Minister Mohammad Ben Hamad Al-Romhi and a Hunt Oil executive signed the four-year renewable concession for a block off the Arabian Sea island of Masirah.
ONA said Hunt Oil would invest up to $26 million. Non-OPEC Oman has since 1995 granted numerous concessions as it tries to boost proven reserves, which officially increased by 104 million barrels last year to stand at 5.848 billion barrels. — (AFP, Muscat)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)