Oman granted US firm Hunt Oil Wednesday an offshore gas and oil exploration concession, the official ONA news agency said. Oil Minister Mohammad Ben Hamad Al-Romhi and a Hunt Oil executive signed the four-year renewable concession for a block off the Arabian Sea island of Masirah.
ONA said Hunt Oil would invest up to $26 million. Non-OPEC Oman has since 1995 granted numerous concessions as it tries to boost proven reserves, which officially increased by 104 million barrels last year to stand at 5.848 billion barrels. — (AFP, Muscat)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
