MUSCAT: Oman has signed a three-year oil and gas exploration and production sharing agreement with US-based private company PetroTel, the Oil Ministry said in a statement yesterday.
"Under the agreement the company will explore for oil and natural gas in Blocks 39 and 67 which occupy an area of 13,379 km2 and is located in Dhofar,” the statement said.
Oman produced an average of 918,000 barrels per day of oil in 2012, up 4 percent from 2011, according to government statistics.
The sultanate, which depends heavily on oil exports, has signed a number of exploration agreements with foreign companies since 2005 in a bid to boost production.
Oman signs deal with PetroTel
