16 May 2011
MUSCAT -- As part of the Executive Management Development Programme (EMDP), launched in January 2011, Ernst & Young, Muscat recently carried out a knowledge sharing session at the Muscat InterContinental Hotel. The session was titled 'Oil and gas -- features and trends'. The EMDP was launched by Ernst & Young, Muscat in January 2011. Participants are from various ministries and government institutions.
The oil and gas session was led by Ahmed al Esry, who is the oil and gas leader for Ernst & Young, Muscat. The session covered in detail the unique features of the oil and gas industry and the importance of the industry to the global economy. The role played by Middle East was also highlighted.
The session also covered Oman's perspective.
Commenting on the oil and gas industry, Ahmed al Esry said that it is quite complex, capital intensive and require sophisticated technology. He said technology becomes even more complex when it involves production of heavy oil.
Risks associated with the oil and gas industry such as discovery, reservoir, economic and political risks were discussed in detail. Environmental issues relating to the industry were also covered in detail.
Participants were also introduced to the oil and gas exploration and production activities. Exploration (the search for oil) activities were comprehensively covered. This was followed by detailed explanations of the field development activities (after successful exploration) and production activities. This session of the programme was supplemented by a video clip titled 'The search for oil'.
The status of the oil and gas industry globally was also covered in detail. Participants were made aware of the quantity of oil and gas proved reserves, production and energy consumption levels globally and regionally.
The trend in crude oil prices, reasons and implications to the world economy over the last ten years were discussed in detail.
The history of the oil and gas industry in Oman was briefly discussed. Participants were informed that oil was discovered in Oman in 1964 and the first oil exports were in 1967. Further, until 1980 oil production was only from North Oman before South Oman went on stream in 1980.
Challenges facing Oman since 2000 relating to declining oil production were discussed. Participants were informed that the challenges were due to maturing oil fields with reduction in reservoir levels. This, with the fact that, there was a move to produce more heavy oil required substantial investment in modern technology.
The government through PDO invested in sophisticated technology over the last 10 years to address the oil production decline issue. The investment in technology has started paying off as the production decline issue was arrested four years ago. As a result production has been increasing year after year since 2007.
MUSCAT -- As part of the Executive Management Development Programme (EMDP), launched in January 2011, Ernst & Young, Muscat recently carried out a knowledge sharing session at the Muscat InterContinental Hotel. The session was titled 'Oil and gas -- features and trends'. The EMDP was launched by Ernst & Young, Muscat in January 2011. Participants are from various ministries and government institutions.
The oil and gas session was led by Ahmed al Esry, who is the oil and gas leader for Ernst & Young, Muscat. The session covered in detail the unique features of the oil and gas industry and the importance of the industry to the global economy. The role played by Middle East was also highlighted.
The session also covered Oman's perspective.
Commenting on the oil and gas industry, Ahmed al Esry said that it is quite complex, capital intensive and require sophisticated technology. He said technology becomes even more complex when it involves production of heavy oil.
Risks associated with the oil and gas industry such as discovery, reservoir, economic and political risks were discussed in detail. Environmental issues relating to the industry were also covered in detail.
Participants were also introduced to the oil and gas exploration and production activities. Exploration (the search for oil) activities were comprehensively covered. This was followed by detailed explanations of the field development activities (after successful exploration) and production activities. This session of the programme was supplemented by a video clip titled 'The search for oil'.
The status of the oil and gas industry globally was also covered in detail. Participants were made aware of the quantity of oil and gas proved reserves, production and energy consumption levels globally and regionally.
The trend in crude oil prices, reasons and implications to the world economy over the last ten years were discussed in detail.
The history of the oil and gas industry in Oman was briefly discussed. Participants were informed that oil was discovered in Oman in 1964 and the first oil exports were in 1967. Further, until 1980 oil production was only from North Oman before South Oman went on stream in 1980.
Challenges facing Oman since 2000 relating to declining oil production were discussed. Participants were informed that the challenges were due to maturing oil fields with reduction in reservoir levels. This, with the fact that, there was a move to produce more heavy oil required substantial investment in modern technology.
The government through PDO invested in sophisticated technology over the last 10 years to address the oil production decline issue. The investment in technology has started paying off as the production decline issue was arrested four years ago. As a result production has been increasing year after year since 2007.
© Oman Daily Observer 2011
