Oman Extends Block 53 Deal with Occidental Petroleum

Oman's Ministry of Energy and Minerals has extended an agreement with Occidental Petroleum for exploration and production in Block 53 until 2050, according to the Oman News Agency. The deal is valued at around 11.5 billion Omani rials, equivalent to 29.88 billion U.S. dollars.

Oman's Ministry of Energy and Minerals has taken a significant step in its energy sector by amending and extending its exploration and production agreement with Occidental Petroleum for Block 53.

The agreement, now in place until 2050, underscores Oman's commitment to long-term partnerships in the energy sector. According to the Oman News Agency, the deal represents an investment estimated at 11.5 billion Omani rials, which translates to approximately 29.88 billion U.S. dollars.

This development highlights the strategic importance of Block 53 and the ongoing collaboration between Oman and U.S.-based Occidental Petroleum.

(With inputs from agencies.)