Oman signs exploration agreement with Occidental Oil and Gas

Oman granted an Omani branch of a US-based company a petroleum exploration and production agreement in a northern coastal area of 2,485 kilometers in the sultanate.

The Omani Ministry of Petroleum said in a statement yesterday that Occidental Oil and Gas Ltd. pledged to invest nearly $25 million to implement exploration programs, geological studies and geographical surveyals.

Muscat completed at the beginning of the current month a petroleum agreement that includes 5,000 cubic kilometers with the Triton Oman Company Inc. It also intends to grant the US company Amoco a license for exploration.