Oman oil output up by 3pct in Q1 2011
By staff - Tue May 10, 6:49 am
As per report, from around 861,400 barrels per day in the Q1 of 2010, the country’s crude production grew to nearly 884,900 barrels per day in the Q1 of this year.
The Omani oil ministry said that the price of Omani crude jumped to nearly USD 92.5 per barrel in the Q1 of this year from around USD 77.04 in the Q1 of 2010 following a sharp rise in global oil prices mainly because of regional unrest.
Oman’s gas production also edged up by around 1.4% to 2,884 million cubic meters in the Q1 of 2011 from about 2,844 million cubic meters in the Q1 of 2010. Average daily gas output stood at nearly 93 million cubic meters in March compared with 91.7 million cubic meters in the same period of 2010.
Oman has been locked in a mega project to develop its oil and gas sector and restore crude output to the peak levels 8 years ago when it reached nearly 900,000 barrels per day. The country is targeting output of nearly 1 million barrels per day in 2012 when most development projects are completed.