Oman Lasso Exploration to Look for Oil, Gas in Oman's Block 54

Oman Lasso Exploration and Production Karwan Limited has signed an agreement with Omani government to explore for oil and gas in Block 54, according to Oman News Agency.

The agreement was signed in Muscat on Tuesday.

The commitments of the company under this agreement are to drill several wells during the exploration periods, Oman News Agency said, adding that the government does not bear any financial commitments during exploration periods.

Dr. Saleh bin Ali al-Anbori, Director General of the Petroleum Investment Department, Ministry of Oil and Gas said the two-period (three years each) agreement gives the right to Oman-Lasso Exploration and Production to drill for oil and gas in this region. He added that the first period will witness the drilling of four wells, worth $16 million.