Oman Oil and Gas Recent Developments

Source: www.GulfOilandGas.com 8/27/2003, Location: Middle East

Oman Minister of Petroleum and Natural Gas, Dr Mohammed bin Hamad Al Rohmi has declared that Oman oil reserves reached 5.7 billion barrels in the beginning of the current year while the confirmed reserves for natural gas reached 25.1 trillion cubic feet.

About Oman's plans to increase oil production, the minister stated that the government "is seriously planning and thinking" on that. He also hinted that apart from new companies entering oil sector in Oman, existing companies "are taking more acreage." Oman has signed 11 agreements with international companies for oil and gas exploration in different concession areas.

Recently Novus Oman Company discovered large quantities of gas and condensate in block 17 offshore Musandam peninsula. Novus has already acquired Block 17, near the Buka field, under a production-sharing agreement from the government of Oman. The agreement covers the onshore Musandam peninsula and the offshore area surrounding the peninsula by about a three-mile limit. Currently work is underway to benefit from these discoveries. Also Occidental Oman Company discovered large quantities of oil in Nateh and Shweba region during the drilling of Khameila well block 27 located in Central Oman. Occidental Oman has a 65 percent interest in block 27 and Mistui has the remaining 35 percent.

Oman government had signed with Chiyoda of Japan and Foster Wheeler of the US an agreement for establishing QALHAT liquefied natural gas plant with a total cost of $538 million. The plant will be completed in November 2005 with a production capacity of 8,3 million ton per year and the first shipment will be exported to Union Fenosa of Spain in January 2006. Oman government has 52% shares in the plant, Oman liquefied natural gas company has 40% shares and Union Fenosa has 8% shares.


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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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