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FINANCIAL NEWS
Oman Q1 oil production up
23 May 2011
(MENAFN) Oman’s ministry of national economy said that since the country would enhance its crude production capacity to around one million barrels per day (bpd) the next year, in the first quarter of 2011, Oman increased its oil output by around 32,000 bpd, reported Emirates 24/7.
The ministry added that oil production in the first quarter of this year went up to its highest yearly levels of around 887,100 bpd from 855,400 bpd in the same period in 2010, a 3.7 percent increase. Whereas total quarterly output stood at around 79.8 million barrels compared with 76.9 million barrels in the same period a year earlier.
On the other hand, Oman’s oil minister, Mohammed bin Hamad Al Rumhi, said that development plans that were approved five years ago by the government aimed to increase the country’s oil production, adding that the government and its foreign partners would implement massive expansion plans in the hydrocarbon sector to reverse a decline in previous years.
It is worth noting that four years ago, Oman approved a USD10 billion program to develop its oil and natural gas resources, which are officially estimated at around 4.5 billion barrels and 30 billion cubic meters correspondingly. The plan is designed to develop gas deposits and enhance oil production to previous levels. In 2008, production began to recover, when it rose by nearly 6.5 percent to 756,000 bpd from 710,000 bpd in 2007.
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