Muscat – The Ministry of Energy and Minerals (MEM) has offered three oil and gas concession areas for local and international oil companies.

A statement issued by MEM said, ‘The concession areas are Block 15, Block 36, and Block 54 and will be open for bidding from March 26 to June 25.’

‘Ministry of Energy and Minerals is in the preparation process to offer new batch of mining concession areas in the first quarter of 2023. This will include concession areas targeting commodities like chromite, copper, limestone and others,’ it said.

Last year, MEM had informed that Oman’s total estimated reserves of crude oil and condensates increased by four per cent to reach 4.876bn barrels at the end of 2021 in comparison with expected reserves recorded in the previous year. According to the ministry data, total reserves of natural gas in Oman were estimated at 23tn cubic feet at the end of 2021.