Oman aims to maintain stable oil & gas output, reserves

Muscat Daily

a day ago

Muscat – Oman's Ministry of Energy and Minerals is aiming to maintain stable levels of oil and gas production and reserves, striking a balance between optimal resource utilisation and long-term sustainability.
Dr Saleh bin Ali al Anboori, Director General of Exploration and Production at the Ministry of Energy and Minerals, confirmed that all companies operating in producing concession areas are implementing production and reserve compensation programmes throughout the year.
In a statement to the Oman News Agency, he explained that the sultanate's average production of crude oil and condensates in 2024 reached approximately 993,000 barrels per day, while natural gas production averaged around 149mn cubic metres per day, indicating a stable supply trend in recent years.
He noted that the ministry is actively marketing several open concession areas and seeking to attract new investment to intensify exploration and drilling operations in the coming period. These efforts are aligned with global market demand and the objectives of OPEC+ to maintain international market stability.
Dr Anboori further stated that the ministry is currently prioritising the marketing of offshore blocks, which are expected to offer promising future prospects. 'These areas could play a key role in sustaining production and reserves through the introduction of advanced technologies and innovative development strategies.'
He highlighted that Oman's investment environment in the oil and gas sectors remains highly attractive, drawing interest from both international and domestic companies. In 2024, the Ministry signed three petroleum agreements for Blocks 38, 74, and 15.
Dr Anboori added that exploration is vital to boosting oil and gas reserves. 'Exploration activities have continued steadily, and the ministry aims to sustain and increase this momentum in the coming years.'
A total of 73 exploratory and appraisal wells were drilled last year, including 54 oil wells and 19 gas wells. Of these, Petroleum Development Oman (PDO) drilled 24 oil wells and nine gas wells as part of its annual plan.
Dr Anboori reported that by the end of 2024, crude oil and condensate reserves stood at approximately 4.825bn barrels, while gas reserves reached 23.3tn cubic feet – evidence of the ongoing success in replenishing production and ensuring the sustainability of resources.
He emphasised that the ministry remains committed to achieving a 100% reserve replacement rate. This is being pursued through enhanced exploration efforts, increased recovery rates via technologies such as enhanced steam and polymer injection, and by maintaining an attractive investment climate – all of which aim to secure a stable future for Oman's energy sector.