The Omani Minister of Energy and Minerals, Mohammed bin Hamad Al-Ramahi, announced new oil discoveries at the oil companies operating in the regionSultanate of Oman It will contribute to an increase in production between 50,000 and 100,000 barrels over the next two to three years.
The minister emphasized the continuation of the efforts of the Ministry of Energy and Minerals in developing the field of exploration so that the Sultanate of Oman’s production of crude oil and oil condensates would remain as it is currently or increase according to the market situation during the coming period.
Al-Ramahi mentioned the Sultanate of Oman’s reserves of crude oil currently amounting to 5.2 billion barrels, while gas reserves are regarding 24 trillion cubic feet, according to what was reported by the Oman News Agency.
The budget of the Sultanate of Oman achieved a financial surplus of 357 million riyals in the first quarter of 2022, compared to a deficit of 751 million riyals in the same period of the previous year.
The Omani Ministry of Finance stated that the surplus will be directed to stimulate economic recovery, increase spending on priority development projects, reduce the level of indebtedness and manage its risks.
The ministry indicated that the Sultanate’s general revenues increased by 66.3% in the first quarter of 3.025 billion riyals, compared to 1.819 billion riyals in the same period of the previous year.
This rise is mainly due to the rise in net oil revenues at the end of the first quarter of 2022 by 70.2% to reach 1.565 billion riyals.
The average price of oil in the first quarter of the Sultanate’s budget was regarding $78 a barrel, with an average production of 1.025 million barrels per day.
Gas revenues increased by regarding 454 million Omani riyals, or 124.4%, in the first quarter compared to the same period in 2021, due to the rise in gas prices and the increase in production.