We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 21 Feb 2011 05:23 PM

Font Size

- Aa +

Oman to raise oil output by 4% in 2011

PDO expects to reach an average of 900,000 barrels per day in 2011 from 864,000 bpd in 2010

Oman to raise oil output by 4% in 2011
PRODUCTION BOOST Petroleum Development is the largest producer of oil in Oman, followed by Occidental Petroleum with around 150,000 bpd (Bloomberg Images)

Oman expects to raise crude oil production by four percent in 2011, helped by new discoveries, its oil and gas ministry undersecretary said on Monday.

"We expect to reach an average of 900,000 barrels per day in 2011 from 864,000 bpd in 2010 from new discoveries with other producers," Nasser Al Jashmi, told reporters on the sidelines of a conference.

"We sold our oil at an average price of $76.50 per barrel in 2010, about 35 percent higher than in 2009," Al Jashmi added.

Raoul Restucci, managing director of Petroleum Development Oman (PDO), which hosted the conference, said the country's major oil producer achieved a daily production of 553,000 bpd of crude oil in 2010, up from 552,000 bpd the previous year.

PDO is the largest producer of oil in Oman, followed by Occidental Petroleum with around 150,000 bpd.

Restucci said PDO had made four new discoveries in 2010 but declined to say how much the new wells contributed to its production last year.

"We are still trying to raise production from ageing fields, and we hope our efforts will translate to higher output in the coming years," Restucci said, adding that PDO expected to produce around 550,000 bpd in 2011.

Production dwindled from Oman's peak of 956,000 bpd in 2001 to as low as 705,000 barrels per day in 2006, but the decline was reversed for four years in a row from 2007, a trend that is expected to continue to a fifth year in 2011.

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.