Oman’s oil reserves at 5.115 billion barrels
“Amendments to the oil derivatives in line with international prices has saved about RO 250 million for the state’s budget in 2016,” Al Aufi said.
Ahmed bin Saleh al Jahdhami, CEO of Oman Oil Refineries and Petroleum Industries Company (Orpic), said that the key projects by the company now include operation of Mina Al Fahl, whose investments stands at about $800 million and produces 106,000 tonnes per day.
“The key projects also include Sohar Refinery Improvement Project, whose investment stands at about $1.3 billion and produces 116,000 barrels per day.”
The projects also include Al Jafnin terminal, which when operational will supply more than 50 per cent of the Sultanate’s fuel needs,” he added.
“The projects also include Muscat Sohar Pipeline, of which 87.66 per cent has been completed. They also include Liwa Plastic Industries Complex, which will provide 750 direct jobs and 12,000 indirect jobs,” he furthered.
Yousef bin Mohammed al Ojaili, President of BP Oman, gave a presentation highlighting Khazzan and Ghazeer fields. He said that Khazzan natural gas project is the largest project in Oman, and one of the biggest in the Middle East.
It is projected to deliver 1 billion cubic feet a day by 2017; and with the Ghazeer extension, the full project is expected to deliver 1.5 billion cubic feet a day by 2020, as well as 25,000 barrels of condensate a day. The field estimated to deliver around 40 per cent of Oman’s natural gas needs by 2020.
Al Ojaili added that Khazzan is operated by BP (60 per cent), with Oman Oil Company Exploration and Production holding 40 per cent.
He said that 10.5 tcf of gas is available for extraction from Khazzan (7tcf) and Ghazeer (3.5tcf). BP brings its innovative technology key to extract gas from difficult-to-access reservoirs. First gas from Khazzan is expected by late this year and from Ghazeer in 2020. Oman Oil Company Exploration and Production announced three significant oil and natural gas discoveries in Block 60. The company has found first oil discovery in Bisat field, additional light oil discovery in ABB south, and natural gas discovery in ABB north reflecting a very successful programme of exploration in 2016.
The discovered field, named Bisat was appraised by drilling two horizontal wells revealing oil rates in access of 1,000 barrels per day of light oil. Bisat is located 35 km north from the production facilities.
This is a significant discovery adding to OOCEP’s resource base and providing future growth opportunity. OOCEP is finalising its development plan for first oil production, leveraging on its existing production facilities.
— ONA