Oman signs oil, gas exploration deal with US PetroTel

Oman produced an average of 918,000 barrels per day of oil in 2012, up 4 percent from 2011
Oman signs oil, gas exploration deal with US PetroTel
By Reuters
Wed 27 Mar 2013 02:07 PM

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 on Wednesday.

"Under the agreement the company will explore for oil and natural gas in Blocks 39 and 67 which occupy an area of 13,379 sqkm 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.

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