MUSCAT: Oman’s Ministry of Oil and Gas, Salim bin Nasser al Oufi, said that government’s spending on oil sector stood at $8.7 billion last year while spending on natural gas production was $2.8 billion.
Oman’s policy is to maintain oil production at 950,000 barrels a day and the long-term challenges include finding new exploration areas and introducing new technologies.
In a presentation during a special media briefing, Oufi said that four fatalities were reported in the sector in 2014, compared to six in 2013. “Our aim is to bring it down to zero,” he said. The Lost Time Incident was 81, compared to 61 in 2013.
It was also said that due to falling oil prices, companies will focus on main projects and no employees will be removed as part of cost cutting measures. “Firms have their own methods to spend and we do not interfere in their operations. Training programmes still continue, maybe there is a cut in overseas workshops or seminars,” he said.
He said the oil and gas reserves in 2014 saw the addition of 393 million barrels of oil and condensates and 1.9 trillion cubic feet of gas due to new discoveries. At the end of 2014, the total reserves stood at 5,306 million barrels of oil and condensates and 24.3 trillion cubic feet of gas. He pointed out that in terms of production, daily oil production in 2014 stood at 943,000 barrels of crude oil and condensates, an increase of 0.2 per cent from 2013.
The average gas production was 97.8 million cubic meters per day (of which 79.2 million cubic meters were of non-associated gas and 18.6 million cubic meters of associated gas); 3.8 per cent less than 2013.
He added that the combined output from Mina Al Fahal and Sohar refineries was 81 million barrels (of which 46 million barrels were produced from Sohar refinery and 35 million barrels from Mina Al Fahal refinery including residues).
“The government exerts continuous efforts to encourage the local and foreign companies of the private sector to invest in the oil and gas sector and all oil related projects including drilling, exploration, production, and refining, as well as developing gas dependent projects and related services,” he said.
Pakistan to get $3b loan from Islamic Trade Financing Corporation
ISLAMABAD: Islamic Trade Financing Corporation (ITFC) to provide Pakistan with a $3 billion loan, according to an official statement released...
