Royal Dutch Shell signed a heads of agreement with Oman Oil Company Exploration & Production (OOCEP). The agreement allows Shell to work on Block 42 in Oman, reported Your Industry News.
OOCEP issued a statement on April 26 saying that, according to the agreement, an initial aerial study will be carried out before potentially undertaking further and more focused activities in the block.
Meanwhile, Omani Undersecretary at the Ministry of Oil and Gas, Salim Al Aufi, confirmed to Times of Oman that M91 fuel is still capped at $0.05 a liter, adding that the cap is still running despite a hike in all fuel prices for May, which left residents reeling.
Oman scrapped its fuel subsidy in 2016 and residents have watched prices climb steadily ever since.
Residents worried about rising fuel costs can heave a sigh of relief after the senior ministry official said the price of M91 has not risen above its capped price of $0.05 and won’t for the foreseeable future.