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Oman's new oil discoveries may boost output 50,000-100,000 b/d

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Oman's new oil discoveries may boost output 50,000-100,000 b/d

Highlights

Oman seeking to maintain or boost oil output

It has 5.2 billion in oil reserves, 24 Tcf of gas reserves

Oman, Iran forming technical team for gas pipeline project

  • Author
  • Dania Saadi
  • Editor
  • Claudia Carpenter
  • Commodity
  • Natural Gas Oil Petrochemicals

Oman has made new oil discoveries that will help boost its output between 50,000 to 100,000 b/d in two to three years, the country's energy minister said, as the Gulf producer ramps up exploration for oil and natural gas.

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Oman is boosting exploration activities to help maintain or even boost production of oil and condensate, depending on market needs, Mohammed al-Rumhi told state-run Oman News Agency in a report published June 4. He didn't disclose details about the new discoveries.

Currently, Oman has 5.2 billion in oil reserves and 24 Tcf of gas reserves, he added.

Oman is seeking to boost its oil and gas output with the help of international oil companies, with Shell and BP being among the biggest operators in the country.

Oman, the biggest Middle East oil producer outside OPEC, pumped 840,000 b/d in April, slightly above its 837,000 b/d OPEC+ quota, according to the latest Platts survey by S&P Global Commodity Insights.

With regards to the proposed gas pipeline from Iran to Oman, Rumhi said the two sides agreed to set up a technical team to review the project following a state visit by his Iranian counterpart Javad Owji to Oman in May.

Oman and Iran in 2013 had signed an agreement to transport as much as 28 million cu m of Iranian gas to Oman over a 15-year period via a 400-km pipeline.

Hangam field

Iran and Oman have also agreed on the joint development of offshore oil and gas Hangam field, which is the only one shared between the two countries, as well as exports of crude products and petrochemicals, Owji said May 23.

The offshore Hangam field in the Persian Gulf holds more than 700 million barrels of oil and about 2 Tcf of gas.

Iran has been expanding energy ties with countries beyond its traditional Asian partners that have not been active in the country's sanctions-hit oil and gas sector, reaching out to its Persian Gulf neighbors, among others. President Ebrahim Raisi arrived in Muscat for a one-day visit with the economy the priority.

Iran sits on the world's second-biggest gas reserves after Russia. However, the country has not been able to build infrastructure and manage its domestic consumption to allow for exports to European markets due to US sanctions on its energy sector.