Oman-Iran USD 1 billion gas pipeline survey work begins
It is reported that Iran's gas pipeline project has entered its first phase of implementation after a deal was signed with a company to carry out land survey to determine the pipeline route between Oman and Iran.
The company will then start executing the first phase of the project, Mr Saif bin Hamad Al Salmani, director-general of product and exploration at the Oman's Ministry of Oil and Gas.
The total cost of the project will be determined later depending on the details, while it has been estimated at about USD 1 billion.
The project has been divided into two parts - land and sea - approximately 200 km each.
Meanwhile, in continuation of the efforts made by the Sultanate’s government to attract investments for oil and gas exploration, the Ministry signed a new exploration and production sharing agreement (EPSA) with Oman Lasso Exploration and Production Karwan.
The agreement was signed in Muscat on behalf the Sultanate by Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas, and by Mr Amrou al Sharif, president and chief executive officer of Oman Lasso Exploration & Production Karwan.
The report said that under the agreement, the company will explore for oil and natural gas in Block 54 which occupies an area of 5,632 sq km located in Al Wusta Governorate.
It said that the commitments of the company are to drill several wells during the exploration period. The government does not bear any financial commitment during exploration period.
Source : Trade Arabia