This Week’s Economic Bulletin…

Muscat, The 11th edition of Oil and Gas West Asia (OGWA) Exhibition and Conference 2018 will begin tomorrow “Sunday” at Oman Convention and Exhibition Centre as a panel discussion on Enhanced Oil Recovery (EOR) will be held under the patronage of Dr. Mohammed bin Ahmed al-Rumhi, Minister of Oil and Gas.

On the second day (Monday), Mohammed bin al-Zubair, Advisor to His Majesty the Sultan for Economic Planning Affairs will open the activities of the Oman Exhibition for Oil and Gas, which will display the latest technologies in the field of oil and gas.

Over 300 local and international companies representing 19 countries from the GCC countries, Asia, America, Europe and Africa will take part in the event. The participating countries represent a fertile market for the products and services of Omani companies working in the field of oil and gas, in addition to its contribution to support the ongoing exploration work and increasing production activities and marketing of its products.

The event, which will be organised by Oman Expo, in cooperation with the Ministry of Oil and Gas, is an opportunity to promote investment opportunities in oil and gas for the investors in the Sultanate and abroad.

The exhibition will be accompanied by a conference entitled “Enhanced Oil Recovery,” which will address the applications of this field (thermal – chemical – mixed gas), research and development aspects and field tests in this field.

During the conference, 152 research papers will be presented, of which 29 papers will be presented by the Sultanate. 156 companies, universities and research institutions from 44 countries will take part in presenting the research papers.

The event comes in support of the government’s ongoing efforts to encourage the local and foreign private sector to invest in the oil and gas sectors in all the various oil projects from exploration, production, development and setting up of gas-based projects and support projects for the oil industry.

It also comes to promote and highlight the strategic projects in the oil and gas sectors in the Sultanate, such as Sohar Refinery Expansion Project, Liwa Plastic Factory, Al Jafneen Fuel Storage Plant, Khazzan Field Project, Rabab Harwail Integrated Project, Jibal Khaf Project, Salalah LPG Project and other strategic projects.

The statistics issued by the Ministry of Oil and Gas indicate that the total expenditure on oil and gas exploration, production and development by the end of 2017 amounted to USD 11.4 billion, distributed to 72% as capital expenditures, such as drilling, utilities and others, and 28% in operating expenses.

The statistics showed that spending on the oil sector amounted to USD 7.9 billion while the total spending in the gas sector stood at USD 3.5 billion by the end of last year.

Source: Oman News Agency