Oman’s Ministry of Oil and Gas has signed an Exploration and Production Sharing Agreement (EPSA) with Oman Oil Company Exploration and Production (OOCEP) for exploration for oil and gas in Bloc 48, located between Al Wusta and Al Dhahira regions, Trade Arabia reported.

Under the agreement, OOCEP, which is a subsidiary of the state-owned Oman Oil Company, will explore oil and gas in an area of 2,995km². The company will reprocess old seismic survey, carry out new 2D and 3D seismic surveys, and drill a well during the exploration period, Times of Oman informed.

Oman Oil Company’s CEO, Isam al Zadjali, said: “Block 48 represents a [promising] opportunity as it adjoins Block 60, which OOCEP operates, and we believe there is potential there based on the discoveries we found in Block 60.”

Al Zadjali added the initial exploration period would normally be three years and the company plans to drill one well and conduct detailed seismic studies during the period.

In related news, referring to the overall production estimate of the company, he said the Oman Oil group is expected to produce 60,000boe in 2017.