Dallas, TX -- (SBWIRE) -- 01/22/2014 -- We expect Oman's recent impressive gains in oil production to begin to moderate, with output peaking in 2016 before gradually trending lower as the recent impressive gains from enhanced recovery operations begin to dissipate. There are many upside risks to this view, with opportunities from the approval of additional upstream projects to new discoveries, with offshore a particular area of opportunity. However there is downside risk such as disappointing output from redevelopment projects approval failure. These risks extend to gas as well. While we assume a more sustained rebound in output, albeit with much of the gains reliant upon BP's costly and complex Block 61, setbacks here would result in downward revision to our forecast. That said, Oman's continued push to secure additional foreign participation makes the market one of opportunity despite expectations for growth to moderate.
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We highlight the following trends and developments in Oman's oil and gas sector:
Oman has managed to oversee an impressive revival of activity in its hydrocarbons sector. Specifically, the government has channelled efforts and funds into enhanced recovery methods. The results to date have been largely successful, with output recovering from a low of 714,000 barrels per day in 2007, to a forecast of around 942,000b/d for 2013. The redevelopment of existing fields in order to boost recovery rates, as well as the upside offered by healthy interest from international oil companies (IOCs) in the country's upstream, underscore a broadly positive outlook for the oil sector.
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