4 May 2007 - 18:12
  • News Code: 103803

DOHA -- Oman will offer two oil blocks for exploration this year to offset declining production, Dr Mohammed bin Hamad Al Romhi, minister of oil and gas, said yesterday.

The Sultanate will offer exploration contracts for Block 40 and Block 17, Romhi said in an interview yesterday during the second Asian ministerial roundtable meeting in Riyadh.

 

"This year we will float a couple of blocks," Romhi said. "We work on a block to block basis. When it is available, we invite whoever is interested."

 

Oman is also in talks for a 30 per cent stake in the Dubai Mercantile Exchange Ltd, Romhi said. The price of Omani crude oil will be determined on the Dubai exchange, a venture between the UAE and the New York Mercantile Exchange Inc.

 

The exchange said on April 19 that it postponed its opening by a month to June 1, citing technical and regulatory issues. "We are just waiting for them to start," Romhi said. "They are confident that the June date will be met this time."

 

PIN/TIMES OF OMAN 

News Code 103803

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