DUBAI: Oman signed on Sunday two agreements giving a unit of Occidental Petroleum the rights to explore for oil and natural gas in concessions 51 and 65, the oil ministry of the sultanate said in a tweet.
Oil Minister Mohammed bin Hamad Al-Rumhi signed the agreement covering concession 51 with Occidental Oman and the agreement on concession 65 with Occidental Oman and Oman Oil Company Exploration and Production, a unit of state-owned Oman Oil Co, the tweet said.
Concession 51 covers 10,133 square kilometers (3,912.37 square miles) and concession 65 covers 1,230 square kilometers (474.91 square miles), Omani state TV said in a report.
The agreement provides for Occidental to spend $14 million on exploration operations in concession 51 in the initial three-year phase of the contract, Salman Al-Shehhi, the oil ministry’s director of investment, told state TV.
Oman’s oil output is about 995,000 barrels per day. The sultanate is not a member of the Organization of Petroleum Exporting Countries but it took part in an agreement reached by OPEC and other exporters earlier this month to reduce global supply in order to bolster oil prices.
Oman signs exploration agreements with Occidental Petroleum
Oman signs exploration agreements with Occidental Petroleum
- Oil Minister Mohammed bin Hamad Al-Rumhi signed the agreement covering concession 51 with Occidental Oman
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
