Oman's proven oil reserves on the up
Non-OPEC oil producer Oman's proven oil reserves increased by 104 million barrels last year to stand at 5.848 billion barrels, newspapers reported Saturday, October 6.
Proven gas reserves, meanwhile, totaled 20.92 trillion cubic feet (tcf), or 592.39 billion cubic meters, with unconfirmed reserves amounting to 30.32 tcf, or 858.57 billion cubic meters, Al-Watan said, quoting the latest statistics released by the oil and gas ministry.
The sultanate produced 23.193 million barrels of oil in the first eight months of 2001, 22.818 million of which were exported, the paper said. The average price of Omani crude in that time was $24.50, netting the Gulf Arab state $528.7 million.
Oil Minister Mohammed Bin Hamad Al-Romhi said in July he was confident that with new technology Oman could increase its proven oil reserves by four billion barrels to a total of nine billion barrels and still be producing crude 50 years from now. — (AFP, Muscat)
© Agence France Presse
© 2001 Mena Report (www.menareport.com)