Oman’s oil output up 2.7% in Q1

Oman boosted its oil production by around 2.7 per cent year on year in the first quarter of 2011 as the non-Opec Gulf country is pushing ahead with a project to expand its hydrocarbon sector, official data showed on Saturday.

From around 861,400 barrels per day in the first quarter of 2010, the country’s crude production grew to nearly 884,900 bpd in the first quarter of this year, the Omani oil ministry said in a new report.

The price of Omani crude jumped to nearly $92.5 a barrel in the first quarter of this year from around $77.04 in the first quarter of 2010 following a sharp rise in global oil prices mainly because of regional unrest.

Oman’s gas production also edged up by around 1.4 per cent to 2,884 million cubic metres in the first quarter of 2011 from about 2,844 million cubic metres in the first quarter of 2010.

Average daily gas output stood at nearly 93 million cubic metres in March compared with 91.7 million cubic metres in the same period of 2010.

Oman has been locked in a mega project to develop its oil and gas sector and restore crude output to the peak levels eight years ago, when it reached nearly 900,000 bpd. The country is targeting output of nearly one million bpd in 2012 when most development projects are completed.

Oman controls around 4.5 billion barrels of proven oil deposits and nearly 25 trillion cubic feet of natural gas.
 

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