Sultanate’s oil, condensates production rises by 45.2pc till December 2020

Muscat: The Sultanate’s oil production, including condensates, stood at 347.94 million barrels until the end of December 2020, compared to 354.39 million barrels according to the latest data released by the National Centre for Statistics and Information (NCSI).

Of the total production, crude oil production declined by 9.1% to stand at 278.84 million barrels while condensates production rose by 45.2% to touch 69.10 million barrels.

The Sultanate’s daily average crude oil production stood at 950,700 barrels until the end of December 2020, against 970,900 barrels over the same period of 2019, the NCSI report added.

However, the average price of the Sultanate’s Crude oil fell by 27.6% to reach 46 US Dollars per barrel until the end of December 2020, compared to 63.6 US Dollars per barrel in the same period of 2019.

The Sultanate exported 287.04 million barrels of crude oil until the end of December 2020, compared to 310.33 million barrels for the same period of 2019, comprising a decline by 7.5%.

China retained its position as the leading destination for the Sultanate’s crude oil exports at the end of December 2020. China’s imports of the Sultanate’s crude oil stood at 248.12 million barrels, followed by India with 17.80 million barrels, South Korea with 4.99 million barrels and Japan with 3.92 million barrels.

The Sultanate’s natural gas production and imports rose by 0.4% to 46,396 million cubic metres (MNCM) till the end of December 2020, compared to 46,190 MNCM for the same period of 2019.

Of this, non-associated gas and imports rose by 2.6% to 38,870 MNCM and associated gas production fell by 9.4% to 7,527 MNCM.

Usage of natural gas in industrial projects rose by 0.4% to reach 46,396 MNCM at the end of December 2020, compared to 46,190 MNCM for the same period of last year.

As much as 27,656 MNCM of natural gas used in industries projects against 28,751 MNCM for the same period in 2019. –ONA