Oman oil reserves decline 3% in 2009

05 Jul 2010

(MENAFN) Reuters reported that Oman’s oil reserves slipped just over 3 percent in 2009 as the country failed to find as much oil as it produced, according to official data in the country’s annual central bank.

Oman is a small independent oil producer in a region housing OPEC’s largest crude exporters, but its oil has a big influence on international markets, as it is used in benchmark pricing for around 12 million barrels per day (bpd) of crude exported from the Middle East to Asia.

The sultanate is drilling more wells to better understand the amount of oil in its Al Ghubar South field, which it estimates could contain a billion barrels. That would add over 20 per cent to its reserves.

At the end of 2009, Oman’s oil and condensate reserves stood at 4.826 billion barrels, down from 4.978 billion barrels at the end of 2008, according to the central bank report.

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