Muscat: The Sultanate of Oman announced, on Saturday, new oil discoveries that contribute to increasing the Gulf state’s production by between 50,000 and 100,000 barrels per day, over the next two to three years.
Oman’s crude reserves have reached 5.2 billion barrels, while gas reserves stand at 24 trillion cubic feet, the Oman News Agency (ONA) reported.
Mohammed bin Hamad Al-Ramahi, Omani Minister of Energy and Minerals, said in a statement that the new discoveries come “a continuation of the efforts of the Ministry of Energy and Minerals so that Oman’s production of crude oil and oil condensates remains as it is currently or increases according to the market situation during the coming period.”
The oil and gas sector in the Sultanate of Oman has witnessed great developments in recent years, as the Sultanate has launched several energy projects with the aim of upgrading the Omani economy and diversifying its resources.
The sultanate is expected to achieve the results of its ambitious development plans by 2025, amid expectations that the Sultanate will achieve high oil revenues this year, taking advantage of the high prices witnessed in the markets.
