Oil & Gas

Total to leave Oman block


Total has pulled out of a deepwater block in offshore Oman. Nasser Al Aufi, undersecretary at the Ministry of Oil and Gas, did not provide any details regarding the French company's decision. The company has signed an exploration and production-sharing agreement in December 2013 for Block 41, which lies off the Omani coast, north-west of Muscat.

Middle East

Oman joins other oil nations saying OPEC decision wrong


Oman, the biggest Middle Eastern oil producer that’s not a member of OPEC, joined Venezuela and Iran in questioning the group’s decision to keep its output target unchanged even with crude prices falling. Oman is having a “really difficult time” because of low oil prices, Oman’s Oil Minister Mohammed Al-Rumhy said at a conference in Kuwait City. Standard & Poor’s lowered the country’s outlook to negative from stable on December 5, citing a risk that oil may drop more than expected.