MUSCAT: The Sultanate's oil production has increased by 2.9 per cent to touch 175,672,200 barrels during the first half of 2015 compared to 170,802,400 barrels during the same period last year, according to the data published by the National Center for Statistics and Information (NCSI). As per the statements by officials of the Ministry of Oil and Gas, the Sultanate's production is expected to hit one million barrel per day this year. The figures also pointed out that the peak average daily production this year was recorded in June with 992,700 barrels. The peak monthly production was recorded in March with 30,275,400 barrels with an average daily production of 976,600 barrels.
The Sultanate's total oil production in 2014 stood at 344,369,800 barrel including 312,536,900 barrels of crude oil, 31,833,000 barrels of oil condensates, and a daily average production of 943,500 barrels. As per the ministry, 393 million barrels have been added to the Sultanate's general reserves compared to 517 million barrels in 2013. The total oil reserves stood at 5,306 million barrel by the end of last year, compared to about 24.3 TCM of gas reserves. The monthly bulletin issued by the NCSI points out that the average price for the Sultanate crude oil barrel declined by 43 per cent to $59.3 comported to $103.23 in 2014.
The Sultanate's total oil exports during the first half of this year increased by 7.6 per cent compared to the same period last year. The total exports stood at 154,865,100 barrels compared to 143,875,000 barrels during the first half of last year and 148,285,400 barrels during the second half of 2014.
China topped the list of Omani crude oil importing countries during the first half of this year with 79 per cent or 122,283,200 barrels; a growth of 21.1 per cent compared to the same period last year. In 2014, China imported 72 per cent of the Sultanate's oil exports, which stood at 292,160,400 barrels. Taiwan imports of Omani crude oil increased by 16.8 per cent to hit 17,188,500 barrels compared to 14,714,100 barrels during the first half of last year or 11 per cent of the total imports.
Thailand came third with 5,713,200 barrels and Japan came forth with 3,241,900 barrels despite the fact that its imports declined by 67.7 per cent during the first half of this year. The list of Oman crude oil importers included South Korea, India, Singapore and other countries as well. Initial figures released by NCSI points out that the local production and import of natural gas during the first half of this year increased by 5 per cent to hit 19,061,000,000 cubic meters including 3,350,000,000 cubic meters of associated gas and 15,711,000,000 cubic meters of non-associated gas. The Sultanate imported 30.7 million cubic meters of natural gas through Dolphin project, according to a source at the Ministry of Oil and Gas. The key users of natural gas were industrial projects, which consumed 56 per cent or 10.659 billion barrels compared to 10.252 billion cubic meters during the first half this year; a growth by 5 per cent.
© Oman Daily Observer 2015
