#YES_TO_OMAN

Extractable reserves for 30 years

Strategy to fix production for next 10 years at 950,000 barrels per day — By Bader al Kiyumi — MUSCAT — The extractable reserves of oil in Oman will be for more than 13 years, and additional reserves will be beyond 15 years (around 30 years). Regarding gas reserves, it stood at 59.4 trillion cubic feet. The total reserves of gas in Oman indicate that 20 per cent has been produced, while the available reserves are 30 per cent and the stocks are at 50 per cent. Numbers have shown an increase in the production of associated and non-associated gas since 2002 till 2013. This was stated by Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas, when he was hosted by the Majlis Ash’shura yesterday. The meeting was chaired by Shaikh Khalid bin Hilal al Maawali, Chairman of Majlis Ash’shura.

Speaking on the occasion, the Majlis chairman expressed hope that the minister will give details of the new oil discoveries, the added value of petroleum refineries, the sector’s contribution to the state’s revenue and its reflection on the gross domestic product (GDP). Shaikh Al Maawali indicated that the oil and gas sector has generated mutual interest between the Sultanate and foreign companies working in oil excavation and discoveries in investment areas. The government has been signing a number of agreements with these companies to ensure its marketing opportunities at the regional and international levels; in addition to mega investments by the government in oil fields which will surely increase oil production. Further, he said that Oman is in negotiations with regional nations pertaining to import of gas and hopefully this will meet the demand for energy in the Sultanate.

Salim bin Nasser al Oufi, Under-Secretary of the Ministry of Oil and Gas, gave a presentation on the oil and gas sector in the Sultanate, during which he highlighted the new oil discoveries in the areas of investment, the volume of daily production of oil, gas and petroleum refineries, investment support and the challenges facing oil and gas exploration and extraction, the techniques used to promote efforts to increase daily production rates of oil and gas, and raise the reserve rates to ensure the sustainability of the growth of the national economy and diversity of resources. Regarding technical challenges being faced by the oil and gas sector, Al Oufi said that they boil down to the difficulty of dealing with chemical substances extracted with the oil and the existence of solids,