Reuters quoted the oil ministry as saying that Oman has invited foreign oil companies to bid for exploration and development rights in 6 oil blocks around the country as it pushes to raise production to 1 million barrels per day.

A ministry of oil and gas official said that two blocks will be awarded next month and the other four will be evaluated in the coming months. The total area of the blocks being awarded is around 12,000 square kilometers.

According to official statistics, Oman currently produces an average 902,000 barrels per day 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 1 million barrels per day in the next 3 years.

Source - Reuters

(www.steelguru.com)