01 November 1996

Oman LNG says that it expects to finalise the $2,250 million financing for its LNG plant within the next few weeks. A consortium of seven banks is arranging the finance which will include partial risk facilities from export credit agencies. The EPC contract is to be signed soon with a joint venture of the UK's Foster Wheeler and Japan's Chiyoda Corporation

Petroleum Development Oman (PDO) is evaluating bids for three contracts for the upstream development of the LNG project. Contract awards are expected in November. A joint venture of Italy's Snamprogetti and the UK office of Bechtel is understood to be the low bidder but industry sources say the contest is still wide open.

PDO's production hit a new record level of 854,000 b/d in September, in line with government targets. Average production in 1995 was 803,000 b/d.

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