Four Oil Blocks to be Awarded by Oman Planned in the Next Year Second Half

Oman plans to award four oil blocks in the second quarter of next year.

According to a senior official at the Ministry of Oil and Gas, Oman’s government is expected to award four oil and gas blocks to international oil companies in the second quarter of 2018 on a production sharing basis.

A bidding round for blocks 43B, 47, 51 and 65  has started  in September by the guidance of the Sultanate’s Ministry of Oil and Gas. While all others are onshore blocks 51 is an offshore block of these four blocks. Also, the fourth one is mainly a gas block, three blocks have crude oil deposits, out of the four blocks.

Licensing round

The deadline for submitting bids is on December 31, 2017 while the registrations for the licensing round were started on 20th September.

After the companies submit their bids, for three to four months, the evaluation of bids will be conducted. agreements will be signed depending  on the convenience of the winning bidders and ministry. Finally, the multinational firms has been encouraged by the government to undertake exploration and production on a basis of production sharing.