Oil Output Touches 265 Million Barrels at End of September 2018

Muscat, The Sultanate’s crude oil production, including condensates, stood at 265.46 million barrels for the first nine months of 2018. This is against an output of 264.61 million barrels for the corresponding January-September period of 2017, according to the latest data released by the National Centre for Statistics and Information (NCSI).

Of the total production, crude oil production was down by 2.2 percent at 236.01 million barrels while condensates production rose 25.8 percent to touch 29.46 million barrels.

The Sultanate recorded a daily average crude oil production of 972,400 barrels during January-September period of 2018, the NCSI report added.

The average price of Oman Crude surged ahead by 32.7 percent to USD 67.2 per barrel in the January-September period, from USD 50.6 per barrel in the same period last year, the NCSI report said.

In addition, The Sultanate exported 222.57 million barrels of crude oil in the first nine months of 2018, against 219.80 million barrels for the same period of last year, showing a marginal growth of 1.3 percent.

China retained its position as the leading destination for the Sultanate’s crude oil exports during January-September period, with China importing 179.73 million barrels of crude oil from the Sultanate.

This was followed by India (19.75 million barrels) and Japan (13.45 million barrels). Of late, Chinese refineries prefer Oman Crude, which they procure mostly from the Dubai Mercantile Exchange, the region’s only crude oil trading centre.

The Sultanate produced 354.26 million barrels of oil and exported 294.21 million barrels in 2017. Besides, the Sultanate’s daily oil production stood at 970,600 barrels last year.

The Sultanate’s natural gas production and imports rose 11.6 percent to 34.217 billion cubic meters in the first nine months of 2018, from 30.654 billion cubic meters for the same period of last year.

Of this, while non-associated gas and imports registered a growth of 10.6 percent to 28.214 billion cubic meters, associated gas production rose by 16.9 percent to 6.003 billion cubic meters, added the NCSI report.

A sizable portion of natural gas in the Sultanate is used by various mega industrial projects, which stood at 20.066 billion cubic meters during January-September period of 2018, against 17,138 billion cubic meters for the same period of last year.

Natural gas is also used in oil fields, either for producing steam water or for reinjection, with as much as 7.504 billion cubic meters in natural gas being used in oil fields, against 6.588 billion cubic meters as quantities consumed by units during the same period of last year.

Source: Oman News Agency