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Oman floats tenders for six oil blocks

29 Aug 2012

(MENAFN) Omani oil ministry has floated a tender for exploration and development licenses in six oil blocks across the Sultanate, as the government seeks to boost oil output to 1 million bpd, Reuters reported.

Last year, oil and gas minister Mohammad bin Hamad Al-Rumhy unveiled plans to ramp up oil production to 1 million bpd over the next three years.

An official at the ministry said that Oman will grant licenses for two blocks next month and the other four will be evaluated in the coming months.

He added that the total area of the six blocks is around 12,000 sq m.

Oman’s current average crude oil output is 902,000 bpd, according to official data. Twenty-five international firms are currently exploring for oil and gas in the Gulf state under exploration and production-sharing agreements.

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