Oman’s Ministry of Oil and Gas has signed an oil and gas exploration concession agreement for the Al Afif onshore oil block, or block 57, with Lebanon’s PetroLeb
The Ministry of Oil and Gas has awarded oil concession block 57 to Lebanon-based company Petroleb SAL. The ministry signed an exploration and production-sharing agreement with the Lebanese firm on Wednesday for developing the block 57.
H E Mohammed bin Hamad al Rumhi, Minister of Oil and Gas, signed the agreement on behalf of the Omani government along with Salah Khayat, chief executive officer of Petroleb. Headquartered in Beirut, Petroleb is an upstream oil and gas company.
As per the agreement, the Beirut-headquartered upstream oil and gas firm will conduct 3D seismic surveys and geophysical studies, in addition to digging a number of exploration wells.
The agreement will reportedly be implemented in two stages, with the first stage expected to span three years and require an investment of at least $20m (OMR52m).
The second stage, meanwhile, will require an estimated investment ranging from $20m (OMR52m) to $40m (OMR103.9m), and will also span three years, according to Oman News Agency (ONA).PetroLeb will commence activities at block 57 in the coming four months, the company’s CO, Salah Khayyat, revealed.