The Sultanate of Oman today signed a new oil agreement with the Swedish company (Tethys Oil) for Concession Area No. 58.
The agreement was signed on behalf of the Omani side by Dr. Mohamed Al-Ramahi, Minister of Oil and Gas, and by Tethys Oil Company, Mr. Hussain Al Lawati, Vice President of the company.
The agreement provides for the company’s commitment during the period of the agreement to implement seismic surveys of the area, which covers an area of 4557 square kilometers, and to conduct many geological and geophysical studies and dig a number of exploration wells.
The Omani Ministry of Oil and Gas expressed its hope that the company’s efforts would be crowned with success in discovering new oil fields that would contribute to increasing the oil reserves and raising production rates in the Sultanate.