Oman looks to augment crude output with new dicoveries

Oman looks to augment crude output with new dicoveries

Muscat: Dr. Mohammed Hamad Al Rumhy, Minister of Energy and Minerals, has announced about new oil discoveries made by companies operating in the Sultanate of Oman. He hoped that the finds will augment production by 50, 000 to 100, 000 barrels over the next three years. Dr. Mohammed told Oman News Agency (ONA) that his ministry is pressing ahead with the development of the excavation field so that Oman could sustain its current rate of output from crude oil and condensates and keep pace with market trends over the future. The minister explained that the existing projects in the oil sector will contribute to the output, and these include the Jibal Khaf project and a project undertaken by Shell company to develop block No. 10. The efforts also include a bid to explore block 12 through Total company and block 77 through Italy's IDI company. Dr. Mohammed expressed optimism that conditions in the oil and gas sector will continue to improve over the next few years. He pointed out that Oman's crude oil reserves stand at 5. 2 billion barrels, while gas reserves stand at 24 trillion cubic feet. Speaking about memoranda of understanding (MoUs) signed by the Sultanate of