Overview of Oman’s Oil & Gas Industry
Oman’s Oil and gas industry continues to play a major role in the country’s economy. Despite government efforts to diversify oil and gas away from the economy, "The sector remains the largest in Oman and it is still growing."
(The Report, Oman 2014, Oxford Business Group)
(The Report, Oman 2014, Oxford Business Group)
In recent years, Oman has put into place a successful program to boost oil output in order to meet increasing domestic demand, and which continues to attract foreign investment and partnerships.
The Ministry of Oil and Gas is focusing on the increased use of enhanced oil recovery (EOR) techniques, which is targeted to account for 22 per cent of oil output by 2021. Currently, EOR applications account for a considerable share of Oman’s gas consumption.
- In 2014, the total expenditure on oil and gas exploration and production stood at US$ 11.5 billion.
- Total spending on the sector was US$ 8.7 billion, while spending on natural gas production was US$ 2.8 billion.
- Daily oil production was 943,000 barrels of crude oil; oil and gas reserves was 5.3 million barrels of oil; and gas was 24.3 trillion cubic feet.
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