MEM to Inkpact a concession agreement for Oil & Gas Exploration & Production in concession areas No. 38 & 74 in Dhofar Governorate.

MEM to Inkpact a concession agreement for Oil & Gas Exploration & Production in concession areas No. 38 & 74 in Dhofar Governorate.

Sunday, January 7, 2024

The Minister of Energy and Minerals, H.E. Eng. Salem Nasser Al-Awfi, signed a concession agreement with CCCED's president and director, Mr. Marwan Shafiq Salloum, for the exploration and production of oil and gas in concession areas No. 38 and 74. The key objective of the agreement is to carry out geological, geophysical and seismic surveys required for oil and gas exploration.

The two concession areas are located in Dhofar governorate; Area No. 38 is situated in the southwest of the governorate and spans around 17,425 square kilometers, while Concession Area No. 74 is situated in the southeast of the governorate and spans around 3,064 square kilometers.

In reference to this agreement, H.E. Eng. Salem Nasser Al-Awfi stated: "This agreement reflects the Ministry of Energy and Minerals' commitment to expand exploration and prospecting for oil and gas resources in the Sultanate of Oman, as well as the confidence that the Sultanate of Oman enjoys from local and international investors. Furthermore, this initiative is expected to increase the sector's production capacity. By entering into this agreement, we strive to fortify current partnerships and build new ones in this sector, maximize the benefits from oil and gas resources, and employ cutting-edge sustainable technologies in exploration and prospecting operations.”

"We are proud of our over 15-year partnership with the Ministry, which led to our investments in concession areas 3 and 4," said Marwan Shafiq Salloum, CEO of CCED. "We are delighted to have finalized two agreements for concession areas 38 and 74, which will enable us to broaden our partnership. In the future years, we aspire to grow our investments in the Sultanate of Oman. We are optimistic towards the oil and gas exploration work in the two areas. We are committed to apply all of our knowledge, experience, and technologies in the pursuit of commercial quantities that will enable the Sultanate of Oman to increase its production cap. This will be added to the company's success in concession areas 3 and 4,” He added.

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