New discoveries of oil reserves by companies operating in Oman will help the sultanate increase its daily average oil production by five to ten per cent over the next two to three years.

H E Dr Mohammed al Rumhi, Minister of Energy and Minerals, on Saturday announced new oil discoveries by energy companies in Oman and said that the new finds will contribute to increasing the sultanate’s daily average production to between 50,000 and 100,000 barrels.

As per the ministry’s latest data, Oman’s daily average production continued to remain above 1mn barrels per day (bpd) during the first four months of 2022.

Oil production during the January–April period of this year increased by more than nine per cent to 1.04mn bpd compared to 952,800bpd in the corresponding period of 2021.

Oman’s total oil exports grew by 16.5 per cent in the January–April period of 2022 to 108.8mn barrels compared to 93.3mn barrels recorded in the corresponding period of 2021.

In a statement to Oman News Agency, H E Rumhi assured the continuation of the ministry’s efforts in exploration and development of oilfields so that the sultanate can sustain its production at current levels or increase as per the market situation in the coming period.

The minister added that development of existing projects in the gas sector will also contribute to the overall oil output. He expressed optimism about improvement of conditions for the gas sector in the coming years.

H E Rumhi noted that Oman’s reserves of crude oil currently amount to 5.2bn barrels, while gas reserves stand at about 24tn ft3.

The sultanate’s total estimated reserves of crude oil and condensates increased by four per cent to reach 4.876bn barrels at the end of 2021, the ministry recently stated.

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