Arab Today, arab today oman to increase oil production
Last Updated : GMT 04:14:31
Arab Today, arab today
Arab Today, arab today

Oman to increase oil production

Arab Today, arab today

Arab Today, arab today Oman to increase oil production

Muscat - Arabstoday

The Sultanate [of Oman] is aiming at enhancing crude oil production to 940,000 barrels per day (bpd) and natural gas output to 98 million cubic meters a day this year, a top-level official at the Ministry of Oil and Gas told media here yesterday. \"We are expecting almost 940,000 barrels per day this year. All oil companies are increasing production. We have a new producer, CC Energy, which is producing around 15,000 barrels of crude oil per day, which will go up to 22,000 bpd by the end of the year. Daleel\'s production is reaching about 40,000 bpd and Occidental and PDO are witnessing growth in crude production,\" Nasser bin Khamis Al Jashmi, undersecretary at the Ministry of Oil and Gas, told journalists on the sidelines of a press conference jointly organised by the Ministry of Oil and Gas, Petroleum Development Oman, Orpic, Occidental Oman and Oman LNG, here yesterday. The average daily production of oil and condensates rose 4 per cent last year to reach 918,500 bpd, while gas production increased by 3.3 per cent to 98.2 million cubic meters in 2012. New oil concession Addressing the media, Dr Mohammad bin Hamad bin Saif Al Rumhy, Minister of Oil and Gas, said the government has received bids from international oil companies for developing four open blocks — 51, 54, 55 and 58.\"Blocks 54 and 55 are in the final stages of awarding. Block 51 is also moving positively forward.\" The minister also noted that another six blocks —41, 43, 56, 57 and 59 — will be tendered in April.Al Jashmi said Oman has signed two oil concession agreements — one with MOL and the other with Frontier Resources International — for developing oil fields on production sharing agreements last year. The number of companies operating in the oil and gas sector has reached 18, working in 29 concession areas, by the end of last year.Al Jashmi said as many as 41 new exploratory oil wells were drilled last year and additional 389 million barrels in oil reserves and condensates were booked. \"The Sultanate\'s reserves of oil and condensates amounted to around 4,630 million barrels, in addition to 18 trillion cubic feet of gas,\" added Al Jashmi. In 2012, the Sultanate exported 279.4 million barrels of crude oil and condensates, 8.4 million tonnes of LNG through Oman LNG and 3.1 million tonnes through Qalhat LNG. The output of the refineries at Mina Al Fahal and Sohar amounted to 76.1 million barrels. Gas price revision Referring to the increase in natural gas price supplied to major industries, Dr Al Rumhy said the gas price of five major industries were increased in January 2012 to $1.5 per mmBtu, which will further increase by 50 cents every year until it reaches $3 per mmBtu in 2015. \"Thereafter, it will increase by 3 per cent or the rate of inflation, whichever is high,\" noted the minister.   However, the minister said that there is no plan to extend the gas price increase to small time consumers like cement producers. The government gives first priority to power and water sector as well as the requirements of oil and gas industry and industrial sector for allocating natural gas.   Petrol demand The petrol and other fuel consumption in Oman doubled between 2006 and 2012. Even if Mina Al Fahal and Sohar refineries operate in 100 per cent capacity, these refineries will not be able to meet the local demand for the coming three years, until Sohar refinery\'s improvement project goes on stream. \"When Sohar refinery improvement project comes on stream, we will be able to meet the demand until 2020, if the growth in consumption continues at this rate,\" said Mus\'ab bin Abdullah Al Mahrouqi, chief executive officer of Orpic. The total investment in the Sultanate\'s oil and gas sector totalled $10.6 billion with 71 per cent as capital expenditure in oil wells and facilities and 29 per cent as operating cost. The Omanisation in the companies operating in the upstream and downstream oil firms amounted to 80 per cent by the end of 2012. The average increase in Oman crude oil price in 2012 amounted to 30 per cent compared to 2011. This has positively contributed to the government revenues and the gross domestic product. Oil and gas contribution in the GDP in 2012 stood at 55 per cent, an increase of 4. 1 per cent compared to 2011. Al Jashmi said the Ministry of Oil and Gas has completed a number of key projects in 2012, including a steam injection project at Qaran Al Alam, which started production in March 2012, and Harweel project that stared operation in April 2012, with an average daily production of 16,215 barrels per day in December, 2012. Al Jashmi also revealed that Oman Gas Company has also started the initial design for a project for producing liquefied petroleum gas and a study for supply of piped cooking gas to some cities and a natural gas pipeline to Duqm from central Oman. Albawaba Business

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oman to increase oil production Arab Today, arab today oman to increase oil production

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday