The government of Oman recently signed an oil and gas exploration concession agreement worth up to $11 million with the Oman Hunt Oil copmany. Exploration will take place in Block 51 in the Sharqiyah Region of Eastern Oman, reported ONA.
The contract commissions Oman Hunt Oil to carry out geological and geophysical assessments and seismic surveys over a four-year period with the possibility of drilling one exploratory well. The company also has the option to extend exploration past the four-year mark in order to execute additional projects, which could include drilling assessment wells.
Oman Hunt Oil Company is an affiliate of Hunt Oil Company, a privately held independent oil and gas firm based in the United States. Non-OPEC Oman has since 1995 granted numerous international concessions as it tries to boost proven reserves, which officially increased by 104 million barrels in 2000 to stand at 5.848 billion barrels. — (menareport.com)
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