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EIA: Oman is largest non-OPEC producer in Middle East

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Hydrocarbon Engineering,


According to teh EIA, Oman is currently the largest producer of crude oil (including condensate) in the Middle East that is not a member of the Organisation of the Petroleum Exporting Countries (OPEC). As a result of both enhanced oil recovery (EOR) techniques and new discoveries, Oman's oil production has increased annually since 2007, and is currently ranked 7th among Middle East oil producers and 21st in the world, as of 2014 (the most recent full year data). Production exceeded one million bpd in June 2015 for the first time since December 2000.

Continued use of EOR techniques, combined with several recent discoveries, could contribute to future production growth. However, this week Oman has become the first major non-OPEC oil producer to state its willingness to cut oil production by up to 10% in coordination with other countries in an effort to stabilise the oil market.

Oman has two operating refineries with a combined capacity of 222 000 bpd and plans to expand existing refinery capacity by 81 000 bpd by 2018. By 2019, Oman plans to construct a new refinery with a total capacity of 230 000 bpd near Duqm, a port town on the Arabian Sea. The country also plans to build a 200 million bbl crude oil storage terminal at Ras Markaz, south of Duqm, which would be one of the world's largest crude oil storage facilities.

Oman is an important exporter of crude oil, with virtually all of the country's oil exports destined for countries in Asia. In 2014, Oman exported an estimated 80 000 bpd, or 80%, of its crude oil and condensate production, of which 72% went to China. Oman's hydrocarbon sector, which includes crude oil, natural gas, and other liquid fuels, accounted for 84% of government revenue and 47% of the country's gross domestic product in 2014.


Adapted from press release by Francesca Brindle

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/21012016/eia-oman-largest-non-opec-oil-producer-2232/


 

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