Oil & Gas

Oman invites bids for 3 onshore oil and gas blocks

February 5, 2025, 4:09 PM

An oil refinery in Oman. Its energy ministry is asking potential investors to contact Scotiabank about the three blocks

Oman’s energy ministry has invited investors to bid for three oil and gas concessions.

The onshore concessions – Block 36, Block 43A and Block 66 – are close to the sites of previous successful explorations.

Scotiabank has been listed as the point of contact for potential investors.

The concessions will bring in much needed revenue for Oman, which is forecasting a budget deficit of OR620 million ($1.6 billion) this year.

The forecast is based on an average oil price of $60 a barrel.

Oman also plans to introduce income tax for foreign workers who earn more than $130,000 a year.

Block 36 is the largest of the three concessions at 18,557 sq km. It is located in the Ghudun basin (part of the Rub Al Khali basin) and the Ministry of Energy and Minerals said “a well test has already confirmed a working petroleum system with gas flowing to the surface, showcasing real, actionable potential”.

Block 43A at Buraimi covers an area of 6,920 sq km, the ministry said. Numerous discoveries have been made nearby, including in UAE territory.

Block 66, covering an area of 4,898 sq km, is on the eastern flank of the Rub Al Khali basin.

“Block 66 has the potential for extension of proven and producing plays from adjacent blocks,” it said.