Sultanate Oil Production Reaches 357 Million Barrels in 2018

Muscat, The Sultanate’s crude oil production,

including condensates, stood at 357.1 million barrels during January till

December 2018 period, comprising an increase by 0.8% compared to

an output of 354.2 million barrels for the corresponding 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 decrease 1.6% at

317.5 million barrels, while condensates production rose 25.3% to

touch 39.6 million barrels.

The Sultanate recorded a daily average crude oil production of

978.400 barrels during January till December period of 2018, the NCSI

report added.

The average price of Sultanate Crude oil surged by 35.8% to USD

69.7 per barrel during the 12-month period, from USD 51.3 per barrel

in the same period of 2017.

The Sultanate exported 289.3 million barrels of crude oil during

2018, against 294.2 million barrels for the same period of last year,

decrease by 1.7%.

China retained its position as the leading destination for the

Sultanate’s crude oil exports during the 12-month period, with the

country importing 240.3 million barrels of crude oil from Oman.

This was followed by India with 21.90 million barrels and Japan with

16.91 million barrels.

The Sultanate produced 354.26 million barrels of oil and exported

294.21 million barrels in 2017. Besides, the country’s daily oil

production stood at 970,600 barrels last year.

The Sultanate’s natural gas production and imports rose by 11.8% to

45,721 million cubic meters (MNCM) during 2018, from 40,908 MNCM

for the same period of last year.

Of this, non-associated gas and imports registered a growth of 10.7%

to 37,684 MNCM and associated gas production rose by 16.9% to

8,037 MNCM, added the NCSI report.

A sizable portion of natural gas in the Sultanate is used by various

mega industrial projects, which stood at 27,741 MNCM during the 12-

month period of 2018, against 23,227 MNCM for the same period of the

previous year.

Natural gas is also used in oil fields, either for producing steam water

or for reinjection, with as much as 9,512 MNCM in natural gas being

used in oil fields, against 8,787 MNCM units consumed for the same

period of last year.

Source: Oman News Agency