Oman: Oil Production Reaches 265 Million Barrels

Oman’s crude oil production stood at 265.46 million barrels for the first nine months of 2018. This is against an output of 264.61 million barrels for the corresponding January-September period of 2017, according to the latest data released by the National Centre for Statistics and Information (NCSI).

Crude oil production was down by 2.2 per cent at 236.01 million barrels of the total production, while condensates production rose 25.8 per cent to touch 29.46 million barrels. The Sultanate recorded a daily average crude oil production of 972,400 barrels during the January-September period of 2018, added the NCSI report.

The average price of Oman crude surged ahead by 32.7 per cent to US$67.2 per barrel in the January-September period, from $50.6 per barrel in the same period last year, the NCSI report said.

In addition, the Sultanate exported 222.57 million barrels of crude oil in the first nine months of 2018, against 219.80 million barrels in the same period of last year, recording a marginal growth of 1.3 per cent.

China retained its position as the leading destination for the Sultanate’s crude oil exports during the January-September period, with China importing 179.73 million barrels of crude oil from the Sultanate. This was followed by India (19.75 million barrels) and Japan (13.45 million barrels).

The Sultanate produced 354.26 million barrels of oil and exported 294.21 million barrels in 2017. Besides, the Sultanate’s daily oil production stood at 970,600 barrels last year.

The Sultanate’s natural gas production and imports rose 11.6 per cent to 34.217 billion cubic metres in the first nine months of 2018, from 30.654 billion cubic metres for the same period of last year.

Of this, while non-associated gas and imports registered a growth of 10.6 per cent to 28.214 billion cubic metres, associated gas production rose by 16.9 per cent to 6.003 billion cubic metres, added the NCSI report.

A sizable portion of natural gas in the Sultanate is used by various mega industrial projects, which stood at 20.066 billion cubic metres during the January-September period of 2018, against 17,138 billion cubic metres for the same period of last year.

Source Credit: Times Of Oman

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