Oman has extended the Block 53 oil concession agreement until 2050, paving the way for an estimated investment of 11.5 billion Omani rials ($30 billion).

The energy ministry has signed the extension pact with US-based Occidental Petroleum Corporation (Oxy) and its partners, Oman News Agency reported.

Oxy holds a 45 percent stake in Block 53.

The new investments will fund capital and operational expenditures, boosting production efficiency and deploying advanced oil extraction technologies.

Liwa Energy, a Mubadala Energy subsidiary, holds a 15 percent stake in the project. Other investors are Oman Oil Company (20 percent) and Indian Oil Corporation (17 percent).

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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