The government of Oman signed a $19 million oil exploration agreement with Thailand’s BTTB Company. BTTB will carry out an three-year exploration program in the Northern part of the Sultanate at Zone 44 with the option of an extension, reported SPA.
The non-OPEC oil producer 103.9 million barrels of crude oil during the first three months of 2002. This constitutes a 6.3 percent drop compared to the first quarter of the previous year, when output reached 110.9 million barrels.
The country's current 5.8 billion barrels of proven oil reserves are modest compared with the rest of the Gulf States, and are projected to last 20 years at current rates of production. — (menareport.com)
© 2002 Mena Report (www.menareport.com )