Oman signs agreement to extend the exploration and production period of Block 53.

According to the official Omani news agency, the Ministry of Energy and Minerals of Oman has signed an agreement with the Western Oil Company Muhazzna Corporation and its partners to extend the development period of Block 53 until 2050. The agreement stipulates that during the extension period, an estimated investment of 11.5 billion Omani Rials will be made, including capital and operational expenditure.