Muscat, May 18 (QNA) - Oman's Ministry of Energy and Minerals (MEM) announced Sunday the signing of an agreement to extend the concession for Block 53 with the US-based Occidental Petroleum Corporation (Oxy), in the Mukhaizna oil field, alongside its partners.

The agreement stipulates the extension of the Block 53 concession through 2050, thereby paving the way for the injection of investments estimated at OMR 11.5 billion, equivalent to approximately USD 30 billion, over the duration of the extension, Oman News Agency reported.

These investments encompass both capital and operational expenditures, with the overarching objective of bolstering the efficiency of production operations and deploying state-of-the-art extraction technologies to maximize the yield from the available resources in the concession area.

According to MEM, such investments are poised to support the sustainability of the supply chain and the contractual frameworks associated with operational processes, an effort that will positively impact economic activity in Oman and generate new employment opportunities within the oil and gas sector and its supporting industries.

Minister of Energy and Minerals of Oman, Eng. Salim bin Nasser Al Aufi, said the extension of this agreement is a pivotal step to ensure the Mukhaizna oil field continues to boost the Omani economy. He pointed out that the projected investment volume will literally contribute to enhancing production and added value for the nation's energy sector.

Located in Oman's Al Wusta Governorate, the Mukhaizna oil field has significantly enhanced its production levels over the past years and currently holds the distinction of being the highest daily crude oil producer among all fields in Oman. (QNA)