Muscat: The Ministry of Oil and Gas held its annual media briefing at Oman Convention and Exhibition Centre on Wednesday.
Some of the key highlights from the conference:
A total of 19 local and international companies currently engaged in oil and gas exploration and production in Oman.
The year 2018 was the best in terms of health and safety over the past 50 years.
The Oil & Gas sector created 5,000 new jobs for nationals in 2018.
The oil marketing department of the Ministry of Oil and Gas said the annual price of Omani crude oil during 2018 increased by 35.83 per cent compared to 2017.
An LNG hub for shipping, as well as a major Gas to Liquids project, will be implemented in Oman by 2026 with an investment of $19b.
BP expects to invest $4b in its Phase 2 tight gas development in Block 61 ( Khazzan) over the entire period of the project.
Oman Oil Company-Orpic will raise $16b in debt to support its investments in major projects
Oman Oil Company-Orpic plans to deliver ongoing and new projects valued at $28b over the next seven years.
Oman’s hydrocarbon production capacity averages 1m barrels per day of crude and condensates and 110m m3 of natural gas on demand
Various projects under work implementation in the oil and gas sector estimated to be at $22 billion.
The average cost of producing a barrel of oil (at an annual average) is $ 25, while the operational cost - from the above cost - will be $7.8
Around 420 million barrels of oil have been added to reserves and 960 trillion cubic feet of gas
Total sector expenditures (capital and operating) amounted to $11.75 billion dollars in the year 2018.
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