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Tue 28 Aug 2012 03:39 PM

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Oman invites foreign firms to bid for six oil grids

Total area of the blocks being awarded is around 12,000 sqm; aiming for 1m bpd production

Oman invites foreign firms to bid for six oil grids
(Image for illustrative purposes)

Oman has invited foreign oil companies to bid for exploration and development rights in six oil blocks around the country, the oil ministry said on Tuesday, as it pushes to raise production to 1m barrels per day.

"Two blocks will be awarded next month and the other four will be evaluated in the coming months," a ministry of oil and gas official told Reuters, declining to be named under briefing rules.

The total area of the blocks being awarded is around 12,000 sqm, the official added, declining to reveal the names of the firms bidding.

According to official statistics, Oman currently produces an average 902,000 bpd of oil. Its oil and gas minister Mohammad bin Hamad al-Rumhy said last year that the non-OPEC producer was aiming for production of 1m bpd in the next three years.

Twenty-five international firms are currently exploring for oil and gas in the sultanate under exploration and production-sharing agreements.

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Hamid 7 years ago

Funny enough: 12,000 sqm equals roughly to the area of 109 x 109 meters. That's less than a football field.