3-4 oil & gas blocks in Oman to be awarded in coming period: Minister

3-4 oil & gas blocks in Oman to be awarded in coming period: Minister

The Sultanate of Oman expects to award between 3 and 4 oil and gas blocks for exploration and development during the coming period depending upon the quality of bids received, according to Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals.

Al Aufi made the disclosure during a wide-ranging interview conducted by Oman Radio on Monday. The roughly hour-long interview covered, among other topics, issues related to international oil price trends, developments in the domestic upstream sector, hydrocarbon production costs, energy exports, and mineral sector developments.

At the outset, Al Aufi affirmed the continuing stability of the Omani Oil & Gas market characterized by ongoing exploration activities and strong production capabilities. In this regard, he credited cooperation with operators for this positive outlook.

Crude oil output has increased to average of around 1.1 million barrels per day (bpd) with Oman adhering to production limits set by the Opec+ alliance to help stabilise international markets, he said. The price of Omani crude is expected to average $80 per barrel during the first quarter of 2023, he noted, adding that prices are expected to vary from month to month due to geopolitical conditions and other factors.

Sharing details about oil production costs in Oman,