Oman’s oil production expected to average at 950,000bpd in next three to five years

Oman’s daily average crude oil production is expected to plateau at 950,000 barrels per day (bpd) during the next three to five years, but the country faces several challenges in the natural gas sector, said a senior official at the Ministry of Oil and Gas.

Addressing a panel discussion on the oil and gas industry’s forecast and plan until 2020, which was organised by the Oman Society for Petroleum Services (Opal) here, Salim bin Nasser Al Aufi, undersecretary at the Ministry of Oil and Gas, said there is a lot of potential for enhancing oil production. “Every company has potential to produce more.”

“The cost is coming down. Currently, our operating cost is just less than $9 per barrel. Our unit expenditure for the year is probably between $23 and 25 per barrel,” he said, adding; “Going forward, the challenge is not in oil sector, but in the gas field. Today, we are in a completely different position. We have enough gas to supply for local industries.”

See Full Article and News on Times of Oman, November 1, 2017.