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More Crude to Be Produced in Oman

Oman : 21 February 2011

On the back of the new discoveries in Oman the nation expects to see the production of crude oil to increase by around 4 percent this year, according to the undersecretary of the ministry of oil and gas.

Nasser Al-Jashmi spoke to the media while attending a conference and stated that the nation expects to see production of 900,000 barrels on average each day throughout 2011, up from the 2010 rate of 864,000 barrels per day (or bpd). Al-Jashmi noted that these new discoveries were made along with other producers. He said that Omani oil sold at $76.50 per barrel on average for 2010, which was an increase of 35 percent over the 2009 price.

Petroleum Development Oman’s (PDO’s) managing director Raoul Restucci, stated that they saw a daily crude oil production level of 553,000 bpd last year, an increase from the 552,000 bpd seen the year before.

PDO, who also hosted the conference, is Oman’s biggest oil producer with Occidental Petroleum following behind at a production rate of 150,000 bpd. PDO made four fresh discoveries last year, according to Restucci, but the managing director did not quote the contribution to production those new wells made in 2010.

He stated that PDO is continuing to work at raising production from the older fields and hopes that those efforts will result in larger outputs in the near future. He stated that PDO forecasts production for 2011 to hover at 550,000 bpd.

On the whole, Omani production peaked in 2001 at 956,000 bpd and fell to a low of 705,000 bpd back in 2006. That decline has been turned around for the last four years since 2007 and the reversal is expected to keep increasing throughout 2011.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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