Oman has recently joined hands with Lebanese company Petroleb. This move came about following Lebanon’s approval of its first offshore energy exploration. According to the deal Petroleb, would drill exploratory wells and assess the oil reserves in southern areas of Oman.
For a couple of years Oman had been struggling like other states in the Gulf region as the prices of oil collapsed in the region. In turn the oil producers reached an agreement to slow down the output in order to rise the process once again. Consequently the revenues did rise up to 3% from last year at an estimated at $24.7 billion. However one had as revenues increased, the expenditure also rose by 7% at an estimated $32.5 billion.
In his statement, Saleh bin Ali Anbouri, commented on the situation saying Oman is looking to “increase oil reserves and raise production rates in the sultanate” and discover new fields, the oil and gas ministry’s director of planning.
This coalition between Oman and Petroleb is not a huge one in terms of investment and may prove beneficial for both the parties. The estimated investment value of $20 million for Oman in the first three-year phase and between $20 and $40 million in the second phase.
as both parties are looking for benefits through this deal, the results will be interesting to see in the coming years.
more recommended stories
Google launches new Arabic feature for Gulf job-seekers
Google has announced the launch of.
MidEast carriers see sharp fall in July passenger demand growth
Passenger demand growth registered by Middle.
Arab world must accelerate reforms, says World Economic Forum
The Arab world must accelerate progress.
UAE mobile phone sales market slumps in Q2
The GCC mobile phone market experienced.