Oman Offers Three Offshore Blocks for Bid

Oman has invited foreign oil companies to bid on three offshore concessions in an effort to boost the sultanate's oil reserves and stop a production decline. "We have selected these blocks in the north based on new seismic data acquired last year by our marketing advisors, PGS Geophysical," an oil ministry official said. "The objective of all of our exploration activities is to recover more oil to stop the present decline," he added.

The sultanate would like to increase foreign investment in its oil sector to offset maturing oilfields which are reliant on expensive secondary techniques just to maintain current output of 850,000 barrels per day.

The blocks included in the tender offer are 18a, 18b and 41. These three blocks cover a total area of 45,240 square kilometers. Production sharing agreements are expected to be awarded later this year.