Coronal Mass Ejections (CMEs) and Corotating Interaction Regions (CIRs) are major sources of magnetic storms on Earth and are therefore considered to be the most dangerous space weather events. The Observatories of Solar Corona and Active Regions (OSCAR) mission is designed to identify the 3D structure of coronal loops and to study the trigger mechanisms of CMEs in solar Active Regions (ARs) as well as their evolution and propagation processes in the inner heliosphere. It also aims to provide monitoring and forecasting of geo-effective CMEs and CIRs. OSCAR would contribute to significant advancements in the field of solar physics, improvements of the current CME prediction models, and provide data for reliable space weather forecasting. These objectives are achieved by utilising two spacecraft with identical instrumentation, located at a heliocentric orbital distance of 1 AU from the Sun. The spacecraft will be separated by an angle of 68° to provide optimum stereoscopic view of the solar corona. We study the feasibility of such a mission and propose a preliminary design for OSCAR.