New 21,140 sq km Oil and Gas Concession Area Unveiled in the Sea of Oman

The Ministry of Energy and Minerals in Oman has launched Concession Area No. 18 in the southern Sea of Oman. Covering 21,140 square kilometers, this offshore block is one of the largest in the country and holds untapped hydrocarbon resources with significant potential for energy exploration and development.

The announcement was made during the opening of a three-day international conference titled “The Role of Geological Sciences in Shaping the Future of Energy,” organized by the American Association of Petroleum Geologists in Muscat.

H E Salim Nasser al Aufi, Minister of Energy and Minerals, highlighted Oman’s diverse geological landscape, noting that oil and gas reserves are spread across both desert and coastal areas, providing substantial opportunities for energy exploration.

H E Mohsen Hamad al Hadhrami, Undersecretary in the Ministry of Energy and Minerals, explained that OQ Exploration and Production will have the right to contribute 10% of exploration costs, with an option to increase this to 30% if the project moves to commercial development.

The conference, attended by experts from 60 countries, featured discussions on the latest trends and opportunities in the energy sector and included an exhibition showcasing local and international oil and gas companies.

The newly unveiled Concession Area No. 18 is expected to play a significant role in advancing Oman’s energy sector and enhancing its position in the global oil and gas market.

source New 21,140 sq km Oil and Gas Concession Area Unveiled in the Sea of Oman (muscatdaily.com)