‘Oman has capacity to produce over 1mn bpd oil for long term’

Muscat - 

Oman has the capacity to produce over 1mn barrels per day (bpd) of oil on a sustainable basis for long term, a senior official of the Ministry of Oil and Gas said on Wednesday.

Speaking at annual media briefing of the ministry, H E Salim bin Nasser al Aufi, Undersecretary of the Ministry of Oil and Gas said, “In order to comply with the production cuts commitment made by Oman to OPEC+ alliance, we are producing over 1mn barrels per day in the beginning of a month, and later in the second half of the same month, we do some adjustments so as to comply with the commitment made by us.”

He said the country regularly produces over 1mn barrels per day to ensure that the production capacity remains intact.

Highlighting achievements of Oman’s oil and gas sector, H E Aufi said the year 2018 was the best in terms of health and safety in the sector over the past 50 years.

He said currently a total of 19 firms, both local as well as international companies, are engaged in oil and gas exploration in 32 blocks. The sector has made tremendous contribution to the overall economic development of the country and will continue to do so in future also.

Speaking about projects, H E Aufi said going forward there are a number of promising developments happening in Oman particularly in exploration and production segment. In 2018, Oman expanded its crude oil reserves. The country also witnessed some interesting developments in Mabrouk field in north-east of Oman, where gas reserves to the tune of 4.5tn cubic feet has been stuck.

Oman will also be witnessing huge investments in other projects such as a liquefied natural gas (LNG) hub for shipping, gas-to-liquid project and de-bottlenecking of capacity at Qahlat LNG project.

Senior officials from the state-owned energy sector companies also made presentations highlighting the major activities and achievements.

Ahmed al Jahdhami, CEO downstream at Orpic, spoke about the benefits Oman will get from synergies in operations of Oman Oil Company and Orpic.

He said the combined entity will have ten major subsidiary companies operating across the world under their portfolio. The combined investment portfolio of two companies together will exceed US$16bn. 

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