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Oman Oil & Gas Report Q3 2012 - New Market Research Report

Recently published research from Business Monitor International, "Oman Oil & Gas Report Q3 2012", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 08/31/2012 -- BMI View: The sultanate's pioneering deployment of enhanced oil recovery (EOR) techniques will help underwrite an impressive increase in oil production over the next four years, with crude production rising more than 100,000b/d in the 2009-2014 period. Though short of gas for some of its downstream industries, the country's liquefied natural gas exports will remain a key revenue earner going forward.

We highlight these trends and developments in Oman's oil and gas sector:

- BMI sees Oman's proven oil reserves rising from 5.5bn barrels (bbl) in 2011 to 5.9bn bbl by 2013/14, but falling to less than 5.3bn bbl over the long-term forecast period to 2021. The success of enhanced oil recovery (EOR) is critical both in terms of raising estimates of recoverable oil, and in terms of oil production levels.
- Crude oil and gas liquids production in 2011 is believed to have reached 889,000 barrels per day (b/d), with a very marginal increase likely in 2012. Medium-term investment plans point to a 2014 output peak of about 930,000b/d.
- An investment decision is likely early in 2013 on BP's Block 61 tight gas concession. The supermajor believes that there may be as much as 2,800bn cubic metres (bcm) of tight gas in place at the block, which would go a long way to reversing the long-term decline in gas production - though it would require substantial spending, an estimated US$15bn.
- Oman's attempts to boost oil production above 1bn b/d over the long term are far from assured, and the most likely scenario is for a near-term upward rise as the impact of EOR makes itself felt in the next four-five years. Gas production also faces challenges. If BP's tight gas development does not prove successful, the sultanate will struggle to secure substantial new volumes of gas for both export and domestic industries.

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