Oman to Award One Oil, Gas Block to Foreign Firm This Year

Oman will most likely award an oil and gas block to a foreign firm later this year, Times of Oman reported Monday.

"Hopefully, we will award one oil block, which has both oil and gas deposits," Saleh A. Al Anboori, director general of Management of Petroleum Investment, told Times of Oman.  

In order to boost investment in country’s hydrocarbon sector, the government is trying to open up both offshore and onshore blocks for development.

According to latest available figures, twenty-nine blocks have already been awarded to international firms for exploration and in recent years, the newspaper added.

Oman Oil Company Exploration and Production (OOCEP) on Thursday officially opened the tight gas field in Abu Butabul and a state-of-the-art processing plant. 

Referring to the development Al Anboori said that it would help the country in meeting growing natural gas demand from both industries and power sectors.