Oman’s Oil Reserves Increase

Oman’s total estimated reserves of crude oil and condensates increased by 4% to reach 4.876 billion barrels at the end of 2021 in comparison with expected reserves recorded in the previous year, according to the Ministry of Energy and Minerals.

Crude oil and condensates reserves in the sultanate were estimated at 4.706 billion at the end of 2020, according to the ministry’s data.

Oman’s total oil production in the year 2021 stood at 354.5 million barrels with daily average production of 971,000 barrels per day. The sultanate exported about 289 million barrels of oil and condensates during 2021.

For 2022, Oman’s daily average production of oil continued to remain above 1 million barrels per day mark during the first four months of 2022, up by more than 9% in comparison to the daily average output recorded in the same period of 2021.

The sultanate’s total oil production in the first four months of 2022 grew by 9.2% to 124.8 million barrels compared to 114.3 million barrels in the same period of 2021, the data released by the National Centre for Statistics and Information showed.

Natural gas reserves

According to the Ministry of Energy and Minerals, total reserves of natural gas in Oman are estimated at 23 Tscf at the end of 2021, a significant decrease from the previous year’s estimated reserves of 24 Tscf.

The sultanate’s daily average production of natural gas reached to 132 Mcm per day for the year 2021, the ministry said.

The ministry’s data showed that the overall Omanization ratio in the sultanate’s oil and gas sectors have reached 88%. Of the total 19,943 people working in the oil and gas sectors, Omanis account for 17,565 workers and expatriates for 2,378 workers.

Total workforce in the oil sector stood at 14,491 people in the end of 2021 with an Omanization ratio of 90%. For the gas sector, where total workforce stood at 5,452 workers, Omanization stood at 84%.