Oil and gas sector receives $5.8bn investment in H1

Oil and gas sector receives $5.8bn investment in H1

Oman’s oil and gas sector witnessed US$5.84bn in total investments in exploration, production, and development of projects during the first half of this year, according to a senior official from the Ministry of Energy and MineralsMuscat – Oman’s oil and gas sector witnessed US$5.84bn in total investments in exploration, production, and development of projects during the first half of this year, according to a senior official from the Ministry of Energy and Minerals (MEM).

Of the total investments, nearly 62% were capital expenditures in activities such as geological surveys, drilling, facilities development, etc, while the remaining 38% were operating expenses, said Dr Saleh bin Ali al Anbouri, Director General of Oil and Gas Exploration and Production at MEM, in a statement to Oman News Agency.

Anbouri mentioned that, during the current year, oil companies operating in Oman drilled many exploration wells in various oil and gas concession areas targeting different reserves and depths. He added that oil companies in Oman are increasing the number of exploration wells through continuous supervision and follow-up by the ministry.

“The initial results from the drilling campaigns indicate that some wells are promising and will be confirmed through long-term testing that may extend for several months or more,