Five Blocks Up For Auction

Oman is to offer two offshore and three onshore blocks to international oil companies (IOCs) as part of its efforts to stem declining crude production. According to a statement by oil minister Mohammed bin Hamed bin Seif al Rumhy, the oil concessions, located between Musandam in the north and Salala in the south, will be awarded on a production-sharing basis. The aim is for deals for more than one block to be finalised by year-end.

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