Middle Eastern oil producer Oman is looking to raise $3 billion in a debt issue next year via a new company expected to hold the country’s majority stake in its largest oil-producing block, Bloomberg reported on Monday, citing sources with knowledge of the matter. Oman, a non-OPEC oil producer which is part of the OPEC+ alliance, has been hit very hard by the oil price and demand crash earlier this year and is looking to raise additional funding while it is cutting government expenditure. In the latest move to plug its budget shortfalls, Oman is now set to transfer its 60-percent interest in its largest oil-producing area, the so-called Block 6, to a new company, Bloomberg’s sources said. Block 6 is currently operated by state-backed Petroleum Development Oman. According to Wood Mackenzie, the Block 6 contract area is the most significant oil and gas operation in Oman and contains […]