PetroTel Energy, an exploration and production company headquartered in Texas, USA, has secured around USD300mn in financing for the development of oil and gas fields in Oman’s Musandam peninsula. The funding support is being provided by the Overseas Private Investment Corporation (OPIC), a self-sustaining US government agency that helps American businesses invest in emerging markets. In addition to USD300mn in financial support, OPIC is also providing USD150mn of insurance for PetroTel’s activities. PetroTel Oman operate Block 17 and Block 40 respectively in Musandam. With funding support from OPIC, PetroTel plans to build facilities, as well as a three-kilometre offshore pipeline that will carry hydrocarbons to the existing Musandam Gas Processing Plant at Tibat.