Oman's Ministry of Oil and Gas on Thursday signed a new oil exploration agreement with Shell Oman for exploration and production in Block 55 in the southeast of Oman.
The deal was signed by Undersecretary of Oman's Ministry of Oil and Gas Salim bin Nasser Al Aufi and Shell Oman's Country Chairman Walid Hadi.
Shell Oman said in a statement that the agreement stipulates that Shell will be the exclusive operator of the area with a 100-percent operating share.
It added that the deal will last for six years, during which the company is committed to conducting seismic surveys and seven drilling operations, in addition to the required studies.
The value of the investment for these activities will be about 65 million U.S. dollars.
Editor:Cherie
