Sultanate pumps 915,000 barrels a day of crude oil

Sultanate pumps 915,000 barrels a day of crude oil
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Published October 23rd, 2012 - 11:46 GMT via SyndiGate.info

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Non-OPEC member Oman is increasing its oil output
Non-OPEC member Oman is increasing its oil output
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Dubai
,
Abu Dhabi
,
Oman Oil Company
,
International Petroleum Investment Company
,
BP
,
Mohammed Al Romhi
,
Oman News Agency
,
Oil and Gas Ministry
,
Organisation of Petroleum Exporting Countries

Oman, the biggest Arab oil producer that isn't a member of the Organisation of Petroleum Exporting Countries (Opec), is pumping an average of 915,000 barrels a day of crude in 2012, Mohammed Al Romhi, Oman's oil minister, said.

Oman's Mukhaizna oil field will reach output of 150,000 barrels a day by the end of next year, he told reporters yesterday in Dubai. Al Romhi gave no date for when his nation expects to reach its output target of one million barrels a day. Construction of the planned Duqm oil refinery will start by the end of 2013, and the facility will be commissioned by early 2017, he said. Duqm will have a daily processing capacity of 250,000 barrels to 300,000 barrels, Al Romhi said.

The project is a joint venture of state-run Oman Oil Company and International Petroleum Investment Company of Abu Dhabi, capital of the United Arab Emirates. Oman, and possibly also the UAE, will supply Duqm with crude, he said. Oman produced 918,000 barrels a day of crude and condensates in September, little changed from August, the official Oman News Agency reported on October 9. The Gulf state exported 750,000 barrels a day of crude, ONA reported, citing the Oil and Gas Ministry. Oman, also a producer of liquefied natural gas, sees a 'healthy' market for the fuel, Al Romhi said. "If the US starts exporting, the picture will change," he said.

The Sultanate, which joined the Gas Exporting Countries' Forum last November, seeks to raise gas output by attracting international partners while also expanding oil production. It holds reserves of 33.5 trillion cubic feet (900 billion cubic metres) of natural gas and 5.5 billion barrels of crude, according to BP data.

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