Oman’s Bank Nizwa has signed an agreement to arrange $150 million credit facility to South Sea Energy (SSE) for development and production project in Block 17 in Musandam, a report said.

SSE is a key partner in the joint venture PetroTel Oman (PetroTel), operator of the 2,378-sq-km on-shore Block 17, reported Times of Oman.

“This agreement demonstrates our strength and capability in supporting the growth of key sectors in Oman,” Dr Jamil El Jaroudi, chief executive officer of Bank Nizwa, was quoted as saying in the report.

“As the trusted partner for SSE, we will be exploring various financing avenues to raise the necessary funds for this mega-project in Block 17. Acting as intermediaries and consultants, we will also be sharing insights on the local industries, regulations and processes to ensure a seamless and rewarding project management and implementation,” he added.