SUSTAINABLE SOLUTIONS

Rapid advancements in enhanced oil recovery methods, technological innovations and infrastructural upgrades are increasingly making it possible to explore and upgrade heavy and extra-heavy oil.

By 2030, the global crude oil demand is estimated to be about 89 MMbbls/day; and an approximate 30 per cent of that production is expected to come from heavy oil. Heavy oil resources are significantly large over the world. In Oman, they form about 40 per cent of the resource base.

Held under the auspices of the Ministry of Oil and Gas, the 10th annual World Heavy Oil Congress and Exhibition (WHOC) to be held in Muscat from September 2 to 4, will host over 80 international senior heavy oil experts and deliberate on the future of heavy oil industry. It will provide key insights from global business and thought leaders across the heavy oil value chain.

Meanwhile, Petroleum Development Oman has said that the transition to renewables will help address growing climate change realities, free up huge quantities of natural gas that can be used for Omani industry or for export and to establish the Sultanate as a hub of “green” energy expertise, creating new jobs and localised supply chains.

Among other highlights are that oil demand is expected to grow marginally in 2019, with the transportation and industrial sectors anticipated to perform better than in 2018 in the backdrop of recovering economic activities.

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