First Published: 2018-01-10

Oman inks oil, gas deal with Lebanese company
Beirut-based Petroleb signs deal to drill exploratory wells to assess oil reserves in Al-Afif concession area of southern Oman.
Middle East Online

Oman aims to "increase oil reserves and raise production rates in the sultanate" and discover new fields.

MUSCAT - Oman has signed a deal for oil and gas exploration with a Lebanese company, one month after Lebanon approved its first offshore energy exploration, state media said Wednesday.

Beirut-based Petroleb would drill exploratory wells to assess oil reserves in the Al-Afif concession area of southern Oman, inland from the Yemeni and Saudi Arabian borders, said the official ONA news agency.

Oman aims to "increase oil reserves and raise production rates in the sultanate" and discover new fields, the oil and gas ministry's director of planning and research Saleh bin Ali Anbouri said in a statement carried by ONA.

Like other energy-rich Gulf states, Oman was hit hard by the slump in oil prices since mid-2014 and joined an agreement by oil producers to cut output in a bid to shore up prices.

Revenues are up three percent from last year at an estimated at $24.7 billion.

Spending, however, is projected at $32.5 billion, seven percent higher than last year, according to the finance ministry.

The deal with Petroleb is small by regional standards, with an estimated investment value of $20 million for Oman in the first three-year phase and between $20 and $40 million in the second phase.

Lebanon last month approved a bid for offshore oil and gas exploration off its own Mediterranean coast -- a vision for years hampered by political instability and domestic wrangling.

That deal was awarded to the only bidder, an international consortium including France's Total and Russia's Novatek.

 

Palestinian leaders call for suspension of recognition of Israel

UAE to lodge complaint over Qatar flight 'interception'

US-purchased cranes arrive at Yemen rebel-held port

Minorities in north Iraq look to post-jihadist future

Bitcoin appeal beats ban and warnings in Jordan

Israeli police find missing Briton’s belongings in desert

Algeria gas plant workers mark five years since jihadist siege

UN says over 5000 children killed or injured in Yemen war

European leaders’ response to Iran protests raises questions

Erdogan to visit Pope Francis next month

Iran slams US-backed 'border security force' in Syria

Palestinian suspension of Israel recognition unlikely for now

Jordan to hike fuel, bread prices

Yemen rebels free journalist detained since August

Palestinian reconciliation brings no change for Gazans

Sudan police use force, tear gas against protesters

Both hardliners and moderates have failed Iranians

Erdogan says Turkish military op in Syria's Afrin to be supported by rebels

UN says 22 million Yemenis in need of aid

Morocco dirham stable after flexible FX system introduction

10 killed in clashes at Tripoli airport

Sisi vows to protect Egypt's water supply

Palestinians meet to respond to Trump's 'slap of the century'

Hezbollah’s popular support jeopardises Lebanon’s alliances

European judicial opinion could deal fresh blow to Brussels-Rabat ties

Turkey plane plunged off runway due to ‘engine surge’

Iran oil tanker's sinking off China raises environmental fears

Protests held on Tunisia uprising anniversary

Double suicide bombing shakes in Baghdad

Iranian oil tanker sinks engulfed in flames

Will Abdullah Gul challenge Erdogan?

Hamas official wounded in car bomb attack in Lebanon

Iraqi PM Abadi announces candidacy for May elections

Netanyahu makes first visit to India by Israeli PM in 15 years

Egypt looks ahead to presidential election but little doubt about outcome

Israel destroys Hamas tunnel from Gaza

Economic woes fuel unrest, ratchet up political tensions across MENA region

Tunisia announces social reforms in response to unrest

Seven years since Tunisian revolution, hope turns to despair

Glimmers of hope for Iran economy despite uncertainty

China rescuers recover bodies, black box from Iranian tanker

Tunisia president to meet unions, employers amid protests

Hamas to skip Palestinian meeting over Jerusalem

UN report on Yemen finds Iran in violation of arms embargo

Trump issues stay of execution for Iran deal, but warns 'last time'