Oman Signs Oil, Gas Exploration Deal With Hungary's MOL Ltd

Oman has signed a new exploration and Production Sharing Agreement with Hungary’s MOL Ltd as an operator of Block 66.

Block 66 is located within the Al-Wusta and Dofhar region covering an area of 4,898 square kilometers where the company will have the right to explore, develop and produce oil and gas resources.

The Hungarian firm will reprocess old seismic, acquire new 2D & 3D seismic and drill exploration wells during exploration periods. MOL Oman already operates in Block 43B, in Dhahirah, where the company expects to start drilling in October this year.

Facing years of decline in its oil and gas fields, Oman has been aggressively investing in better technology and encouraging foreign companies to invest in the country. Oman is also looking to exploit unconventional gasses like tight gas and shale gas.