Muscat, April 12 (QNA) - The Ministry of Energy and Minerals of the Sultanate of Oman announced the offering of five concession areas in the oil and gas sector for competition among local and international petroleum companies.

This comes as part of its efforts to enhance the optimal utilization of natural resources with efficiency and innovation, ensure their sustainability, and support the growth of the national economy in line with the objectives of Oman Vision 2040.

According to Oman New Agency, the offered concession areas (12, 16, 55, 42, and 45) are distributed across a wide geographical area with significant geological potential.

The Ministry affirmed that the offering of these areas comes as part of its ongoing approach to enhancing an attractive investment environment based on the principles of transparency and equal opportunities, thereby contributing to attracting quality investments, transferring modern technologies, and maximizing the added value of the oil and gas sector.

This offering comes as part of Ministry's direction toward maximizing the utilization of hydrocarbon resources and strengthening partnerships with international companies, in a way that supports the sector's sustainability and enhances its contribution to the Omani national economy. (QNA)