Oman has opened new oil and gas blocks for investment. Dr. Salah bin Hafiz Al-Dhahab, Director General of Investment, announced the decision. The goal is to increase production and improve oil and gas exploration for energy security.
The new concession areas include Block 18 in the Sea of Oman. Blocks 36, 43, and 66 are located onshore. Investors can now submit bids under a new concession system. This system was introduced through Scotchbank and AQP to attract more companies.
Many international companies have already shown interest. The government set the application deadline for June. After that, officials will negotiate with selected bidders. Oman wants to speed up oil and gas exploration for energy security.
The government also introduced new incentives to attract investment. These incentives help companies deal with difficult locations and weather conditions. Some key benefits include:
- A flexible royalty system to reduce costs.
- An option to partner with OQ B for strategic support.
- The ability to use extracted gas for manufacturing.
Dr. Al-Dhahab also highlighted another important goal. Oman wants to increase production in older fields with declining output. The country believes these fields still hold potential. Officials will work to improve technology and production techniques.
Oman’s strategy focuses on long-term energy stability. By opening new areas for drilling, the country hopes to secure future energy needs. Officials believe that oil and gas exploration for energy security will strengthen the economy.
