Oman signs $59mn exploration and production sharing agreement with Occidental Oman
Oman's Ministry of Oil and Gas tweeted out the announcement
Oman's Minister of Oil and Gas Dr. Mohammed bin Hamad Al Rumhy signed an exploration and production agreement with Occidental's President and CEO Vicki Hollub for Block 72.
The Block cover 3530 square kilometres, according to government news agency Oman News, and the deal's value stands at $59mn.
Work will be undertaken in two phases, and will include geological and geophysical studies, 2D and 3D seismic studies and the drilling of wells during the exploration phase.