FINANCIAL NEWS

USD8b spent on Oman’s oil, gas sectors annually

24 Sep 2012

(MENAFN) Oman’s Undersecretary at the Ministry of Oil and Gas, Nasser Bin Khamis Al-Jashmi, stated that on annual basis, the Sultanate spends between USD7 billion and USD8 billion on the oil and gas sector, reported Kuwait News Agency (KUNA).

Al-Jashmi said that the amount covers the upstream sector, which includes the search for and the recovery and production of crude oil and natural gas.

It also covers the downstream sector, which refers to the sale and distribution of natural gas and products derived from crude oil, including liquefied petroleum gas (LPG), gasoline or petrol, jet fuel, diesel oil, other fuel oils, asphalt and petroleum coke.

He added that Oman, which produces 940,000 barrels of crude oil a day, is searching for new energy resources, like gas found in deep and narrow reservoirs under the ground.

It is worth noting that Petroleum Development of Oman (PDO) Company has dug several wells in search for the new gas.

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