Oman awards $800m of oil field contracts to local firms

07 May 2017

Omani firms have become more active in the energy industry

Petroleum Development Oman has awarded contracts worth $800m to local companies for operations in northern concessions of the sultanate.

Omani firm Seeh al-Sarya Engineering was awarded off-plot mechanical work at PDO-operated oil fields at Fahud, Lekhwair and Yibal, while Galfar Engineering & Contracting has been awarded work at the Qarn Alam field.

The contracts are for four years each, with options to extend into the future, the oil and gas firm said in a statement.

Oman’s energy sector has made a transition towards in-country value development, as the sultanate looks to engage more domestic firms in developing the industry.

As the slump in oil prices forced exit of some international exploration and production companies, local firms have become more active in developing concessions.

The Ministry of Oil & Gas recently awarded Block 48 to Oman Oil Company Exploration & Production, while local firm Hydrocarbon Finder was awarded Block 7 last year for an estimated $53m.

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