Oman supports extension of global oil output cut deal

MUSCAT: Due to the oilfields’ appraisals and new explorations, about 110 million barrels have been added to the Sultanate’s oil and condensates reserves in 2016, raising the Sultanate’s total oil and condensate reserves to 5.115 billion barrels as of the end of 2016; a decline by about 257 million barrels compared to 2015, said

Salim bin Nasser al Aufi, Under-Secretary of the Ministry of Oil and Gas, during a joint press conference held at the ministry’s headquarters on Monday with major oil companies operating in the Sultanate under the theme ‘Committed to Sustainable Development.’

“About 0.84 trillion cubic feet (tcf ) of gas has been added, raising the Sultanate’s reserves to about 21.15 tcf as of the end of 2016; a decline by around 1.85 tcf compared to 2015 due to the loss of about 0.69 tcf of gas due to oilfield appraisals,” Al Aufi added.

In terms of production, he said that the average production of crude oil and condensates stood at about 1.004 million barrels per day compared to 981,000 barrels in 2015; a growth by 2.4 per cent compared to 2015. The average production of natural gas, in addition to gas imported from dolphin, stood at about 112 million cubic meters (compared to 109 million cubic meters in 2015), a growth by 2.3 per cent. This figure includes 87 million cubic meters of non-associated gas, 19 million cubic meters of associated gas and 6 million cubic meters of gas imported from dolphin.

He also said that the Omani government is making continuous efforts to encourage the local and foreign private sector companies to venture into oil and gas exploration, production, gas-based projects and supportive services.

The total expenditure on oil and gas exploration, production and development stood at about $11.3 billion including about $7.9 billion on oil and $3.4 billion on gas.