Oman crude reserves decline to over 5.1bn barrels

Around 110mn barrels of crude were added during 2016 to the total oil and condensate reserves, through newly discovered oil finds, bringing up the total reserves to up to 5115mn

The average b/d production of oil and condensate reached 1.004mn against 981,000 barrels in 2015, an increase of 2.4%.
The average b/d production of oil and condensate reached 1.004mn against 981,000 barrels in 2015, an increase of 2.4%.

The Sultanate of Oman’s crude oil and condensate proven reserves fell to over 5.1bn barrels, 257mn barrels less comparatively with the 2015’s level.

Around 110mn barrels of crude were added during 2016 to the total oil and condensate reserves, through newly discovered oil finds, bringing up the total reserves to up to 5115mn, the Omani News Agency, quoted Salim bin Nasser Al Oufi, Under-Secretary of the Ministry of Oil and Gas as saying at a news conference on Monday.

Up to 0.84tn cubic feet (tcf) of gas, has been added bringing the country’s total gas reserves to 21.15 tcf by end of 2016, 1.85 tcf less than 2015’s as a result of a field appraisal operations.

The average b/d production of oil and condensate reached 1.004mn against 981,000 barrels in 2015, an increase of 2.4%. The average b/d production of LNG, in addition to Dolphin gas, reached 112mn cubic metre, a 2.3% increase over 2015, 87 mcm of which are non-associate gas, 19 mcm associate gas and 6 mcm of Dolphin gas.

The upstream sector expenditure reached around $11.3bn, $7.9bn of which have been spent on the oil sector and $3.4bn on the gas sector, he added.

Deregulation of oil by-product prices as per international rates saved around $649.26bn in the 2016 state budget.

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