New oil exploration in Oman

Oman on Monday signed an oil exploration contract with a group of companies led by the Australian Novos Petroleum and the Norweigan Atlantis company. Oman's minister of oil, Mohammed bin Hamad Al Romhi, said on Monday that the group also include the Oman's Eagle Energy company and that it will spend some US $36 million for oil excavation works near Masnadam peninsula. Oman is not a member of OPEC, and it produces 900,000 barrels of oil per day.