Oman, EnCana sign oil exploration pact

MUSCAT Oman signed yesterday a three-year oil and gas exploration and production sharing agreement with EnCana International Oman, a subsidiary of Canadian energy group EnCana Corp (ECA.TO), an official statement said.

By (Reuters)

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Published: Mon 10 Feb 2003, 5:16 AM

Last updated: Wed 1 Apr 2015, 8:22 PM

An oil ministry statement said the firm was expected to spend $17 million on exploration on blocks 3 and 4, located in the east of the Gulf Arab state, covering an area of 38,875 sq km (15,006 sq mile).

EnCana has an option to extend the agreement, the statement added.

Independent crude producer Oman has invited a number of foreign firms to explore for oil in a bid to increase its reserves, now estimated at 5.6 billion barrels.

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