The Ministry of Oil & Gas (MOG) is expected to sign contracts on 14 November 2017 for four exploration blocks offered in the Oman Licensing Round 2016. The bid round was launched on 23 October 2016, with a total of four blocks available. The acreage offered included three onshore areas, Blocks 30 (1,185 sq km), Block 31 (8,526 sq km) and Block 49 (15,439 sq km), and one offshore area, Block 52 (90,760 sq km). Bidding closed on various dates in Q4 2016 and Q1 2017.<P />The blocks will be awarded as follows:* Block 30 - Oman Oil Co Exploration & Production LLC (OOCEP) and Occidental* Block 31 - Ara Petroleum* Block 49 - Tethys Oil* Block 52 - Eni<P />It is understood that the blocks, which are located in different parts of the country, will be awarded on a production sharing basis. In May 2016, when plans of the bid round first emerged, Salim Nasser Al Aufi, undersecretary at the MOG, said with respect to recent oil prices: "We have to be smart in negotiation. We need to recognise that companies will be using lower oil production forecast when they bid and to be smart enough to accept it today. Also, we have to introduce mechanisms in such a way that we gain from the deal when oil prices go up."<P />
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