Oman Awards New Concession to the Lundin Group

The Omani Government signed on 27 February an oil exploration concession agreement with the Lundin Group led by the Swedish company North-South Resources, covering a 630 sq. km. offshore block off the Musandam peninsula which was formerly held by Elf Aquitaine and relinquished towards the end of 1984 (MEES, 15 October 1984).

Under the terms of the agreement, which stipulates an 80-20 production split in favor of the government, the...