MUSCAT Oman’s Oil and Gas Ministry awarded France’s Total (NYSE:TOT) and Thailand’s PTTEP rights to explore and develop non associated gas deposits on Wednesday.
Oman, which currently produces 3 billion of cubic gas a day, is ramping up exploration and undertaking multi billion dollar projects to monetize gas.
Director General of Planning and Studies at the Omani Ministry of Oil and Gas, Dr. Saleh Al Anbouri, told reporters “based on the agreement, the two companies have the right to explore for non associated gas in two periods, with each period spread to three years, and the total investment value of the two periods is around USD 100 million.” “The signing of the agreement gives a clear indication that despite the crises the region is going through and despite the complex geological structures in the Sultanate of Oman, the Sultanate has succeeded in attracting foreign investment as the Sultanate’s environment remains a healthy environment for investment,” Al Anbouri added.
Al Anbouri expressed hopes that efforts by the two companies will be crowned with success in new discoveries that will contribute to increasing reserves and raising production rates in the Sultanate.
The investment area covers 9,546 square kilometers, and the agreement stipulates commitment by the two companies to carry out seismic surveys and conduct many geological and geophysical studies and drill a number of exploratory wells.
Source: Kuwait News Agency