• Oman

    • Oman’s MEM Awards Development of Concession Area 56 to Tethys Oil 

    By on November 27, 2024
    crude oil
    crude oil

    Muscat: The Ministry of Energy and Minerals has awarded a contract for the development of Concession Area 56 to Swedish company Tethys Oil. The concession area was declared a commercial zone, with its exploration and production agreement extended by an additional period of 20 years lasting until 2044.

    The ministry explained that the project includes developing the fields that were discovered in the area located between the “Wilayat of Shaleem W’Al-Halaniyyat Islands” and the “Wilayat of Al-Jazir”, namely the oilfields of Al-Jamd, the Manna and Sarha.

    The ministry said that the project includes additional exploration activities in several promising locations, offering attractive opportunities for future growth.

    The volume of investment in the region will exceed RO 92.4 million ($240 million), with chances of expanding investments in line with successive exploration and evaluation operations in the next phase.

    The ministry affirmed that the project stems from efforts to exploit natural resources with emphasis on balancing economic development and environmental sustainability.

    The approach also reflects the Ministry’s commitment to managing the energy sector efficiently by enhancing oil reserves and raising production through ambitious development plans.

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