Saturday, June 4, 2022 – 4:28 PM
MUSCAT, June 4/WAM/ His Excellency Dr. Mohammed bin Hamad Al Ramahi, Minister of Energy and Minerals of Oman, announced new oil discoveries with oil companies operating in the Sultanate of Oman, revealing that the Sultanate of Oman’s reserves of crude oil currently amount to 5.2 billion barrels, while gas reserves are about 24 trillion. cubic feet.
He expressed his optimism that the new discoveries would contribute to increasing production between 50,000 and 100,000 barrels over the next two or three years.
His Excellency assured the Oman News Agency that the Ministry of Energy and Minerals will continue to develop the field of exploration so that the Sultanate of Oman’s production of crude oil and oil condensates will remain as it is currently or increase according to the market situation in the coming period. He expressed his optimism about the improvement of the gas sector’s conditions in the coming years.
With regard to oil prices, His Excellency the Minister of Energy and Minerals explained the difficulty of predicting prices during the coming period due to the conditions resulting from the Russian-Ukrainian war. Oil prices may remain at what they are now at the same level at least until the end of this year and may return to their levels before the outbreak of the war.
He expressed his hope that the global economy will witness further development. He said that there are several factors that may help stabilize these prices, provided that the situation will be better until the end of this year or the beginning of next year.
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Wm/ Zakaria Mohieldin