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Oman to invest $10 billion in oil production
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SPECIAL TO WORLD TRIBUNE.COM
Tuesday, April 11, 2006
ABU DHABI — Oman plans to invest $10 billion in oil projects.
Oil Minister Mohammed Bin Hamad Bin Saif Al Rohmi told an energy
conference in Muscat that $10 billion in oil investments would be allocated
from 2006 through 2010. Al Rohmi said the funds were meant to ensure oil
production in the sultanate, Middle East Newsline reported.
Oman, with daily production of about 750,000 barrels per day, has
invited seven Western energy majors to develop seven oil blocks, Al Rohmi
said. The minister said contracts have not yet been signed.
"We have laid down strategies and policies in support of the continued
development of the sultanate's oil and gas industry," Al Rohmi said.
"This
is evident in the increasing number of exploration and production agreements
signed with international oil and gas firms, a move that would enable the
sultanate not just to maintain current production levels but to eventually
boost production in response to the world's rising energy requirements."
Copyright © 2006 East West
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