Oil output in Oman increases in Q1

Oman_Q1Oil output in Oman increases in Q1

Oman oil production increased by around 2.7 per cent year on year in the first quarter of 2011 as the non-OPEC country pushed ahead with a programme to expand the country's hydrocarbon sector.

From around 861,400 bpd in Q1 of 2010, the country's crude production grew to nearly 884,900 bpd in the first quarter of this year, a new report from Oman's oil ministry showed, reported Emirates Business 24/7.

The price of Omani crude jumped to nearly US$92.5 a barrel in the first quarter of this year from around US$77.04 in the first quarter of 2010 following a sharp rise in global oil prices.

Oman's gas production also edged up by around 1.4 per cent to 2,884 million cubic metres in the first quarter of 2011 from about 2,844 million cubic metres in the first quarter of 2010.

Average daily gas output stood at nearly 93 million cubic metres in March compared with 91.7 million cubic metres in the same period of 2010.

Oman has embarked on am ambitious programme to develop its oil and gas sector and restore crude output to the peak levels eight years ago, when it reached nearly 900,000 bpd. The country is targeting output of nearly one million bpd in 2012 when the main development projects are set to come online.

Production through 2010 peaked in December when it stood at around 885,400 bpd compared with 881,400 bpd in November and 866,500 bpd in October. Output in 2010 was below the targeted output of 900,000 bpd but is far higher than in previous years, when it averaged around 750,000 bpd in 2007-2009.

Oman controls around 4.5 billion barrels of proven oil deposits and nearly 25 trillion cubic feet of natural gas.

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