Muscat, Dr. Mohammed bin Hamad al- Rumhi, Minister of Oil and Gas,
said that the Sultanate has not reduced investment in the exploration and Extraction for oil
during the crisis of low oil prices and the sale price for a barrel this year will range from 70
to 80 US dollars.
The World Heavy Oil Congress and Exhibition (WHOCE) began today at the Oman
Convention and Exhibition Center. It highlights the importance of transforming the value
chain with heavy oil and developing strategies and medium long-term plans for the growth
of the sector. It is organized by DMG Events and continues for three days.
Dr. Mohammed bin Hamad al- Rumhi explained on the sidelines of WHOCE that the gas
project between the Sultanate and Iran “is still going on” and that there are signs that the
agreement between OPEC and outside OPEC will be sustaiable and will be disclosed in
the coming months. “
For his part, Dr. Ali al- Ghaithi, Petroleum Engineering Director at PDO, said that the world
demand for energy will rise by 28 percent across non-OECD countries in the coming
decades, stressing that oil is still the main source of energy in the Middle East, with an
increase estimated at 20 percent, pointing to a decline in the production of light and
medium oil, as a result of the increase in heavy oil production and that the production of
heavy oil stocks is estimated at 1 trillion barrels, and only 10 percent was produced.
Dr. Saleh bin Ali al-Anbouri, Director General of the Petroleum Investment Department at
the Ministry of Oil and Gas, considered that production of heavy oil will rise from 15 percent
at present to 23 percent in 2023 and there is a trend for exploration in the sea, where there
are currently three oil companies drilling for oil in the sea in three different locations.
The conference is divided into two conferences, the first of which is the two-day
“Strategic Conference” and includes several sessions, the most important of which relates
to the “Re-thinking the Energy Operation Model “, ” Global Cooperation in Re-defining the
Future of Exploration”, as well as a working paper on “Unlocking Refining potential and
Value Chain Performance to Meet the Rising Demands of Higher Value Refined Products.”
The second day of the conference includes seminars on “Heavy Oil Exploration and
Production: business Transformation Strategies and Sustainable Results”, “Energy
Economics: Impact of Global Decisions on Heavy Oil Sector”,”Emerging Regions in the
Heavy Oil Business.”
The second conference is a technical one that will last for three days during which more
than 80 case studies and presentations will be reviewed.
On the sidelines of the conference, an international exhibition will be held in which a
number of the world’s largest oil companies will participate to showcase products and
means for heavy oil extraction and the main products provided by these companies.
Source: Oman News Agency