FINANCIAL NEWS

Oman LNG plans to boost output by fifth

07 Jun 2012

(MENAFN) Oman LNG plans to boost liquefied natural gas (LNG) output by 20 percent within 5 years, enabling it to increase exports, Reuters reported.

CEO Brian Buckley said that the company, which produces some 8 million tonnes of LNG a year, is expecting to exploit fresh gas reserves over the next 2 to 3 years.

The company has a total capacity of 10.4 million tonnes of LNG per year (tpy), running through production facilities, each with capacity of about 3.3 million to 3.4 million tpy.

Oman LNG, which currently supplies into Japan and South Korea in Asia, is looking at the possibility of expanding its network into India when it is in a position to offer more volumes, Buckley said.

Oman’s average gas production increased by 4.4 percent to 95.1 million cubic meters per day in 2011 compared to 2010, an official from Oman’s oil and gas ministry said in February.

Oman LNG is 51 percent owned by the government of Oman, 30 percent owned by Royal Dutch Shell, while France’s Total and Japan’s Mitsui own the rest.

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