Oman extends Area 53 oil concession to 2050, unlocking $30bln investment
MUSCAT: The Ministry of Energy and Minerals has signed an agreement to extend the Concession Area 53 license until 2050 with Occidental Mukhaizna and its consortium partners: OQ Exploration and Production, Indian Oil Corporation, Liwa, and PTT Exploration and Production.
This strategic move aims to ensure the continued development of the Mahzaina oil field, which currently boasts the highest daily crude production in the Sultanate of Oman. The extension will also advance oil recovery through cutting-edge steam injection technology and development of the Thulaylat reservoir.
Under the new agreement, investments are expected to reach around $30 billion over the concession period. These include both capital and operational expenditures to boost production efficiency and implement state-of-the-art extraction techniques for better resource utilization.
The planned investments will also bolster the sustainability of the sector's supply chain and service contracts, stimulating broader economic activity and generating new employment opportunities in Oman's oil and gas industry.
Commenting on the agreement, Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals, stated: "The extension of Concession Agreement No. 53 represents a pivotal step towards ensuring the continued contribution of this vital field to the national economy. The anticipated investment volume will contribute to developing production and enhancing the added value of the energy sector in the Sultanate of Oman. We are committed to continuing to work with our partners to maximize the potential available in Concession Area No. 53, which is a fundamental pillar in our plans to sustain production efficiently and responsibly."
The agreement underscores Oman's commitment to maintaining a resilient and forward-looking oil and gas sector—one that continues to serve as a cornerstone of national income through responsible resource management and the adoption of global best practices.
Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 hours ago
- Zawya
Marsh appoints Aditya Khanna to lead Energy & Power for Marsh Middle East
Dubai – Marsh, the world's leading insurance broker and risk advisor and a business of Marsh McLennan (NYSE: MMC), today announced the appointment of Aditya Khanna as Energy & Power Leader, Marsh Middle East, effective July 1, 2025. Based in Dubai, Mr. Khanna will report jointly to Gaurav Bhatnagar, President and Head of Specialty, Marsh India, Middle East and Africa (IMEA), and Amy Barnes, Global Head of Energy & Power, Marsh Specialty. In this role Mr. Khanna will be responsible for the strategic direction of Marsh's Energy & Power practice across the Middle East, working closely with Marsh's global and regional network of specialist energy and power advisors, risk engineers, and brokers to support clients in understanding, quantifying, and managing risk. Mr. Khanna has over 16 years' experience in the energy sector, working in India, the UK, and the Middle East. Mr. Khanna joined Marsh in 2009 and has served as Chief Client Officer, Energy & Power, Middle East and Africa since 2022. He has an extensive track record in managing large-scale energy risks and delivering complex structured placement outcomes for some of Marsh's largest clients. Ms. Barnes said: 'The global energy industry is currently experiencing major policy shifts amid acute geopolitical strains and heightened concerns around energy security. Aditya's extensive experience and proven track record in the global energy sector will be invaluable as we continue to enhance our service offerings and support our clients in navigating the evolving energy landscape in this key region.' Mr. Khanna added: 'I am honored to take on this role and lead Marsh's Energy & Power team in the Middle East. The region is at the forefront of the energy transition and developing innovative next generation solutions; I look forward to working closely with our colleagues to provide our clients with tailored solutions that address their unique challenges.'
The National
5 hours ago
- The National
UAE's Al Habtoor Group explores investment opportunities in Syria
The billionaire Emirati entrepreneur Khalaf Al Habtoor is heading to Syria to explore new investment opportunities as the country opens up its economy following the lifting of US and EU sanctions. The founding chairman of the Dubai-based conglomerate Al Habtoor Group will lead a delegation of senior executives from the company to the war-ravaged Arab nation in the coming days, Al Habtoor Group said in a statement on Monday. 'Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment,' Mr Al Habtoor said. The Syrian economy has been devastated by the civil war, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of last year. The estimated cost of reconstruction of the country, including critical road infrastructure, ports, aviation facilities and housing, will be somewhere between $250 billion and $500 billion, according to experts. In a recent interview with Wam, Mohammad Al Shaar, Syria's Minister of Economy and Industry, estimated the total cost of reconstruction at $1 trillion. 'As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies,' Mr Al Habtoor said on Monday. The move come as Gulf countries as well as Turkey announce new investments in Syria after US President Donald Trump announced the removal of sanctions on the country last month during his Gulf visit. Dubai-based DP World is among the regional companies that have taken the lead in Syrian investments, with an $800 million deal to develop the port of Tartus. A consortium of companies from Turkey, Qatar and the US have also committed to invest $7 billion in Syria's energy sector to build new power plants to help the country overcome power shortage. Saudi Arabia and Qatar also paid $15.5 million to the World Bank to clear Syria's arrears and pave the way for Washington lender's support for Damascus. The UNDP is also planning to support Syria with $1.3 billion in funding over three years to rebuild its infrastructure and back digital start-ups. Set up by Mr Al Habtoor in 1970, Al Habtoor Group is active in multiple sectors, including hospitality, automotive, real estate, education, insurance and publishing, in the UAE and in international markets such as London, Vienna, Budapest, Beirut and the US. Earlier this year, Mr Al Habtoor said he would cancel all planned investments in Lebanon due to lack of security and stability in the country.
Zawya
6 hours ago
- Zawya
The Energy News Network (ENN): The New Independent Voice for Emerging Market Energy
The Energy News Network (ENN), a new independent platform dedicated to the stories behind energy in emerging markets, is now live. Covering corporate and public sector leaders, utilities, ministries, and regulators across Africa and beyond, ENN will track the policy shifts, investments, and diplomatic moves shaping the energy sector's evolution. Visit: Africa's energy demand is growing at twice the global average yet, with more than 600 million people still unable to access electricity, the continent needs some $25bn annually in energy investments to achieve universal access by 2030. ENN will delve into how the region can meet these ambitious targets, spotlighting the people, projects and policies defining the future of energy access, innovation, and impact. The platform features incisive editorial, expert opinion, and compelling human stories centred on Africa's 21st-century energy narrative. From renewables to mining, and from finance to frontier energy access, ENN provides independent, in-depth coverage of a sector critical to the continent's future. Current feature stories include: Exploring how Mission 300 is tackling Africa's energy access crisis and scaling clean energy solutions. A deep dive into Zambia's current energy challenges and opportunities. A profile of William Amuna, the new board chair of the Electricity Company of Ghana. Visit: Simon Gosling, founder of ENN, says: 'We're committed to telling the stories that matter most, combining expert insight with sharp analysis to shine a light on the forces shaping energy in emerging markets. Our goal is to bridge expertise with on-the-ground realities, giving voice to the people, projects, and policies driving energy transformation across Africa and beyond in the 21 st century.' Distributed by APO Group on behalf of EnergyNet Ltd..
