Oman Oil Company (OOC) is set to award $1bn worth of contracts, some of which will develop the Ghubar South oilfield within 2011, according to an company official quoted by Reuters.

The recently discovered Ghubar South has proven reserves of one billion barrels of crude, said the official. OOC will award a vapour injection project at the oil field, in addition to six exploration contracts in Hasirah and Hoqah gas fields.

Oman’s oil production rose by 3 per cent over the first six months this year, while exports declined by 1.8 per cent, according to data from the Sultanate’s Finance Ministry.