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Oman oil output to increase

Oil Minister reveals oil output of Oman to increase again

International companies have been attracted to Oman
International companies have been attracted to Oman

Oman’s oil output is to increase by approximately 6.5% during 2010, according to Oil and Gas Minister Dr Mohammed bin Hamad al Rumhy.

Production is expected to increase from around 805,000 barrels per day (bpd) to between 850,000 and 900,000 bpd, reported the Oman Daily Observer.

“The hydrocarbon sector is healthy and looks very promising,” Dr Al Rumhy said. “As you are aware, our production rate has been increasing year-on-year. In 2009, we expect to average around 805,000 bpd compared to that of 2007 and 2008 at 710,000 and 756,000 bpd respectively. The production for September 2009 has been around 840,000 bpd. For 2010 and beyond, we will be doing between 850,000 to 900,000 bpd.”

Dr Al Rumhy was also keen to point to Oman’s investment appeal to international oil companies, as the government plans to launch a new licensing round for a number of hydrocarbon blocks.

“We have floated a few tenders in the middle of the year, and we are in discussion with some of the interested companies, the results of which will be known before the end of the year. We are also in preparation for a new bid round soon,” said Dr Al Rumhy.

“We are confident that we will get reputable companies to work on them. Our doors are open for any size of companies who are willing to be our partners. Our process is transparent,” he concluded.

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