Oman saw a rise in oil and gas reserves in 2018, the Ministry of Oil and Gas has announced.
The Ministry of Oil and Gas said in a press conference today: “The Sultanate’s reserves of oil in 2018 amounted to four billion and 791 million barrels, recording an increase of 51 million barrels compared to 2017.”
“While the gas reserves in the same year were 23.93 trillion cubic feet, around 0.96 trillion cubic feet of gas has been added,” the ministry added.
Read More
- Oman’s Bukha waterfront project reaches 95% completion
- Oman Meteorology warns of active winds affecting several governorates
- Masirah Bay: Oman’s marine heritage site showcasing rich biodiversity and unique ecosystems
- Oman’s mobile subscriptions exceed 8.2 million with 2% growth
- Oman Customs foils marijuana smuggling attempt hidden in postal parcel
Salim Al Aufi, the Undersecretary of Ministry of Oil and Gas said, “The total cost of projects currently being implemented in the oil and gas sectors is more than $22 billion, with a local added value of 40 percent.”
According to the Undersecretary, the overall expenditure on oil and gas exploration, production and development amounted to approximately USD11.75 billion in 2018 against USD11.4 billion in 2017, distributed over some 69% as capital expenses, e.g. drilling, facilities, etc., and some 31% as operational costs.
The Undersecretary added that expenditure in the oil sector consisted of approximately USD 8.4 billion whereas total expenditure in the gas sector reached approximately USD 3.3 billion.
The Undersecretary also said that the Ministry of Oil and Gas were successful in attracting investments, work with partners to capitalize on technical expertise, to boost local production and create jobs.
The Undersecretary added that they were able to create some 6000 jobs oil and gas sector.
The Undersecretary also pointed out in the end of 2018, the total number of employees in “Orpic”, Oman Liquefied Natural Gas LLC, and Oman Gas Company consisted of some 18,095 employees.
“Out of that, 14,927 were Omani employees and 3,168 international employees, thus representing around 82% of Omanization in the sector,” the Undersecretary added.
