Petrochemical

Oman discovers new oil and gas mineral base

Seetao 2022-06-06 09:50
  • Oman-operated oil company discovers new oil reserves
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New oil fields have been discovered in Oman, which will increase production by 50,000 to 100,000 barrels of oil over the next two to three years. The country's crude oil reserves have reached 5.2 billion barrels, while natural gas reserves are 24 trillion cubic feet. The agency quoted Energy and Mines Minister Mohammedbin Hamad Al Rumhy as saying that Oman is continuing efforts to advance discoveries to keep the country's crude oil and condensate production at current levels or increase production, depending on market conditions in the period ahead.

In March 2022, Oman's ruler, Sultan Haitham, said the country plans to use revenue from soaring oil prices to reduce public debt and support spending on government projects, while ensuring that prices of basic commodities are not affected. Seeking to use the surplus generated by higher oil prices to reduce the fiscal deficit and minimise the cost and risk of its debt portfolio."

Despite the decision by the 23-member OPEC+ producer coalition to boost output, Oman is a relatively small crude oil producer compared to its Gulf neighbors, is more sensitive to oil price volatility and has been hit hard by Covid-19. hit hard by the pandemic and the 2014 oil price crash. However, higher oil prices and fiscal reforms in 2021 have helped the government narrow the deficit. For the first time since 2007, it was due to higher oil prices, higher hydrocarbon production and the government's fiscal reform plan. The credit rating agency also revised its outlook for the Gulf countries to stable. Keywords: engineering construction, engineering news

In the next three years, the non-oil sector will be the main driver of growth. Non-oil growth is expected to average 2.2% between 2023 and 2025, compared to 1.8% in 2022. Oman is expected to achieve a fiscal surplus of 5.7% of GDP in 2022, while a budget deficit of 4.6% of GDP.Editor/XingWentao

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