Oman endorses agreement with Philips to drill for petroleum

Oman and the Philips Petroleum Corporation have endorsed an agreement to drill for petroleum.

A statement said the agreement on drilling and production would be in region no. 38 located at far southwest of the Sultanate, covering 14.4 km2.

Oman produces nearly 900,000 barrels of petroleum daily with the help of its foreign partners. Oman is not a member of OPEC (the Organization of Petroleum-Exporting Countries).

Oman, moreover, has ratified discovery accords with companies such as Occidental Petroleum Company and the French company Total. It is expected that Oman will ratify new accords within the coming months.