Muscat, March 27 (BNA): The Sultanate of Oman’s production of crude oil and condensate during February 2023 reached 29.7 million barrels, with a daily average of 1.06 million barrels, thus maintaining the same production rates compared to January 2023. This confirms Oman’s commitment to OPEC Plus to reduce production and narrow the gap between supply and demand.
According to the Omani News Agency, the total quantities of crude oil exported in February 2023 amounted to 23.67 million barrels, with a daily average of 845 thousand barrels, a growth of 0.6 percent compared to January 2023 when calculating the daily average.
Dr. Saleh Ali Al-Anbouri, Director General of Exploration and Production at the Ministry of Energy and Minerals, said that the average price of Omani oil futures contracts on the DME rose by 1.6 percent in February 2023, compared to January 2023.
He pointed out that the average price of Omani oil for delivery next April 2023 amounted to 82.23 dollars per barrel, an increase of 1.31 dollars over the delivery price in March 2023, as the trading price ranged between 78.31 dollars per barrel and the US dollar. 85.19 per barrel.
He explained that this increase is due to several reasons, including the continued recovery of demand for crude oil in China after lifting the restrictions imposed as a result of Covid-19, and Russia’s announcement of plans to reduce production by 500,000 barrels per day, which reflects a significant increase in its production. Its inability to sell all its oil and the interruption of crude oil flows from the Turkish port of Ceyhan due to the devastating earthquake.
Al-Anbouri added that the average daily production of Omani natural gas in February 2023 amounted to 140.5 million cubic meters. Oman’s exports of liquefied natural gas (LNG) during the same month amounted to 999,300 metric tons (15 shipments), while Oman’s exports of natural gas liquids amounted to 16,300 metric tons (3 shipments).
He explained that the average daily consumption of natural gas for electric power generation, water desalination plants, industrial cities, industrial projects and oil fields amounted to 143.4 million cubic meters in February 2023.
He indicated that Oman’s average production of liquefied petroleum gas in February 2023 amounted to 2,754 metric tons, and the average daily exports during the same month amounted to 1,115 metric tons.
The Director General of Exploration and Production at the Ministry of Energy and Minerals said that the oil and gas sector has witnessed the completion of many projects since the beginning of 2023, represented by the ministry’s announcement of offering 3 oil and gas concession areas to citizens. and international oil and gas companies.
This step comes within the framework of the ministry’s plan to promote the concession areas offered for investment during the year 2023.
These sites include Al-Imtiaz (15) located in the north of the Sultanate of Oman in Al-Dhahirah Governorate, Al-Imtiaz (36) on the southeastern edge of the Empty Quarter Basin, and Al-Imtiaz (54) on the eastern edge of the Salt Basin in southern Oman.
This offer comes in implementation of plans and programs related to oil and gas exploration to support oil and gas reserves in the Sultanate of Oman.
Al-Anbouri stressed that the start of natural gas and condensate production from the Mabrouk field in the concession area (10) will enhance the natural gas reserves in the Sultanate of Oman. Mabrouk field production is expected to reach more than 0.5 billion cubic feet per day by mid-2024.
He said that opening the Bassat oil field with a production capacity of 60,000 barrels per day will raise the share of the Okyo Group in the total oil production of the Sultanate of Oman to 220,000 barrels of oil equivalent per day, which represents about 13 percent of the total oil production in the Sultanate of Oman. Upstream contribution to GDP.
He added that the Rima water treatment plant was inaugurated at a cost of 87 million Omani riyals on an area of 25 square kilometres. It is the second project of the Petroleum Development Oman (PDO) to serve as an environmentally friendly solution to the disposal of water associated with oil production. The production capacity of this station is about 375 thousand barrels per day. This technology reduces energy consumption by 10 gigawatts and reduces gas emissions by 48,000 tons annually.
M