Omans spends millions of dollars on oil,gas exploration

Oman spent USD one millions on oil and gas exploration, in order to increase the local production and boost the country's development, said an official government source here Tuesday. The source said in remarks to KUNA that Oman spent more than USD seven billion on oil exploration, adding that a large number of international companies were currently working in Oman. By the end of this year and for the first time, Omani ministry of oil and gas will start to explore for oil and gas in the sea, 500 kilometers far from Muscat, he stated. Marmite oil exploration depends on conducting studies, as well as two and three-dimensional scanning in the areas of southeast of Oman, the source said. Oman is looking for new oil wells due to the decline in production at current wells, said the source, adding that the current action was also aimed at boosting oil reserves. In 2012, Oman spent around USD 10.6 billion on the oil and gas sector