PetroTel Signs Three-Year Oil Exploration Deal With Oman

Published: 24-May-2009

By: Staff Writer Staff Writer Staff Writer

PetroTel Inc., a company engaged in oil recovery, reservoir characterization and simulation, coalbed methane, production, and exploration technologies, has entered into an exploration and production sharing agreement for a three-year tenure with Oman. The company will be exploring block 17 in the north of the Gulf Arab state. This is the fourth contract which Oman has signed with foreign companies to expand and explore for oil and gas as it looks to increase output.

The 2378 square kilometer block in Musandam will be operated by Petro to help Oman increase its hydrocarbon output, Nasser Al Jashmi, state under secretary for oil and gas said.

Other international firms that have signed production agreements with Oman in 2009 include: Epsilon Energy Limited, Harvest Natural Resources, Inc. and Petroliam Nasional Berhad (PETRONAS).

We hope to sign other such deals this year, Jashmi told the news agency.

Oman's oil production in the first quarter of 2009 increased 6.1% year-on-year to 786,700 barrels per day (bpd), according to official data.

Oman is targeting production crude and condensate at around 805,000 bpd in 2009.

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