The Sultanate of Oman plans to award contracts to oil majors such as BP, Shell, Total and Eni for hydrocarbons exploration over the next six months, as the Gulf nation looks to woo 'big oil' back to boost production.
The contracts would be a mix of bilateral contracts signed with the majors as well as awards from a bid round Oman concluded last year, Oil and Gas Minister Mohammed Al Rumhy told The National. The sultanate’s oil ministry had in 2017 offered four blocks in a licensing round to attract international oil and gas companies back.
The country would look to engage with Chinese and Indian energy players to boost domestic output, he added.
Oman saw several major oil companies exit its various concessions in the last few years as low crude prices made profitability challenging in the country’s maturing fields.