Oman expects to raise its average oil and condensate production to 915,000 barrels per day (bpd) in 2012, up from the 885,000 bpd last year, the oil ministry said on Sunday.
Based on an average price of $102.9 per barrel that Oman sold its oil for last year, the additional 30,000 bpd could increase the sultanate’s oil revenues by around $1.13 billion this year, assuming all the additional production is exported.
New discoveries boosted Oman’s crude and condensate production to 900,000 bpd at the end of 2011, helping lift the average for the year to 885,000 bpd from 864,600 bpd in 2010.
“We are also testing new innovative EOR techniques that would hope to increase the future production, hence sustaining oil production in the medium to long term,” the oil ministry said in an email.
Oman has enhanced oil recovery (EOR) projects at a number of fields such as Mukhaizna, where production has risen above 120,000 bpd, Qarn Alam and Harweel.
“Harweel field is one of the most technically challenging projects,” the ministry said. “The project is in its final stages of commissioning and expected to add around 40,000 bpd, when it is at full capacity.”
Oman is also looking at possible shale oil developments, after initial studies indicated it could have large unconventional oil resources.
“Results so far are very promising,” the ministry said in response to questions about Omani oil prospects.