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Wed 14 Jul 2010 07:55 PM

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'Oil output up 8.8% from January to May' - Oman

Growth extends a rising trend as the sultanate reverses a decline in oil output.

'Oil output up 8.8% from January to May' - Oman
PRODUCTION RISE: Omans average oil production rose by 8.8% to 859,400 bpd in the first five months of this year. (Getty Images)

Oman's average oil production rose by 8.8 percent to 859,400 barrels per day in the first five months of this year compared to the same period in 2009, the Ministry of National Economy said on Wednesday.

The growth extends a rising trend as the sultanate has managed to reverse a decline in oil output, boosting production in both 2008 and 2009.

For 2010 as a whole, it has said it expects to produce an average of 870,000 bpd, about 8 percent more than last year's average.

Oman sold its oil at an average price of $76.34 per barrel between January and May, the data published in the ministry's monthly bulletin showed, up 70.2 percent from the same period last year.

Natural gas production also increased by 6.1 percent to 470.644 billion cubic feet in the first five months of 2010 compared with the year earlier period, according to the bulletin.

Oman has awarded a number of exploration contracts to foreign companies in the last five years to boost gas production, much needed for its rising infrastructure and development projects. (Reuters)

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