Oil reserves at 4,791m barrels by end of 2018

MUSCAT: Oman’s total oil reserves consisted of approximately 4,791 million barrels at the end of 2018, rising by around 51 million barrels since the end of 2017, as shown by evaluation of the fields and additions from new discovery operations after deducting the quantity produced in 2018, said Salim bin Nasser al Aufi, Under-secretary of the Ministry of Oil and Gas.

Speaking during the annual press conference of the Ministry of Oil and Gas held at Oman Convention and Exhibition Centre on Wednesday, Al Aufi added that in terms of oil reserves, some 0.96 trillion cubic feet of gas has been added, bringing total gas reserves to approximately 24.65 trillion cubic feet at the end of 2018 after deducting the quantity produced in 2018. This marked a fall of some 0.31 trillion cubic feet.

He said that the average daily production of oil reached approximately 978,000 barrels of oil per day in 2018, confirming Oman’s commitment, along with Opec members, to cut production and to narrow the gap between supply and demand.

“Meanwhile, the average daily production of natural gas, plus the gas imported from Dolphin reached approximately 125 million cubic meters per day against 112 million cubic meters daily in 2017, of which 98 million cubic meters of nonassociated gas and 22 million cubic meters of associated gas in addition to 5 million cubic meters of gas imported from Dolphin,” Al Aufi said.

He said the government continues to deploy efforts to encourage local and international companies for joint investments in the oil and gas sectors in all projects, ranging from exploration through production and development, creation of gas-dependent projects and auxiliary services projects for the petroleum industry.

The average daily production of oil reached approximately 978,000 barrels of oil per day in 2018, confirming Oman’s commitment, along with Opec members, to cut production SALIM AL AUFI

Under-secretary, Ministry of Oil and Gas