Phillips Petroleum signs oil concession agreement with Oman

Jun 15, 1999 02:00 AM

Phillips Petroleum Co. Has signed an oil concession agreement with the government of Oman, the Oman News Agency reported.
Under the pact, which covers a 17,400 sq. km area in south-west Oman, Phillips is obliged to invest at least $ 29 mm during the first three years of the 10-year concession.
This is the second concession for Phillips in Oman. The company is expected to begin drilling next year, ONA said.
Oman Oil Minister Mohammed al-Rumhy, who signed the production-sharing agreement, said Phillips is entitled to 40 % of any discoveries, with the remainder going to the Omani government, the agency said.
Oman is a non-OPEC oil producer with output capacity of approximately 800,000 bpd.
Oman has several oil-production agreements with other major foreign companies.

Source: AP via Newspage
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