Muscat: The Ministry of Energy and Minerals has granted a contract for the development of Concession Area 56 to the Swedish firm Tethys Oil.
This concession area, designated as a commercial zone, has seen its exploration and production agreement extended by an additional 20 years, extending its duration until 2044.
The Ministry has clarified that the project encompasses the development of fields discovered within the area situated between the "Wilayat of Shaleem W’Al-Halaniyyat Islands" and the "Wilayat of Al-Jazir", specifically the oilfields of Al-Jamd, Manna, and Sarha.
Furthermore, the project includes further exploration activities in several promising locations, presenting lucrative opportunities for future expansion. The total investment in the region is projected to surpass OMR92.4 million ($240 million), with the potential for further investment as subsequent exploration and evaluation operations are conducted in the forthcoming phase.
The Ministry has emphasized that the project is part of its strategy to responsibly utilize natural resources, with a focus on achieving a balance between economic development and environmental sustainability.
This approach also underscores the Ministry's dedication to the efficient management of the energy sector, through the enhancement of oil reserves and the increase in production through comprehensive development plans.
