Raised output for Oman

Official data has shown for the second consecutive year, 2009 saw Oman raising its oil output.

According to the data, 2009 saw the Middle Eastern country beat its previous year's output by 7.4 percent. It now hopes that 2010 will enable it to increase output again and beat figures from 2009.

In 2009 Oman produced an average of 812,500 barrels per day of oil, compared to 756,800 in the previous year, figures from the national economy minister revealed, Arabian Oil and Gas states.

In order to address a decline in output, Oman invested in its ageing fields. The country reached a peak output of 956,000 barrels per day in 2001, before seven straight years of decline.

The oil minister of Oman said in November that the country has a target of 900,000 barrels per day output for the end of this year.

The sultanate's oil minister said in November that Oman planned to boost output for a third consecutive year in 2010, with a target for the end of the year of 900,000 bpd.

Oil producer

Oman is a small independent oil producer but the price of its oil forms part of benchmarks used in pricing around 10 million bpd of crude that sails from the Middle East to Asia.

Like its Gulf Arab neighbours, Oman saw the price of the crude it sells fall sharply in 2009 as the global economic slowdown sapped oil demand and saw prices slide from the 2008 peak of near US$150 a barrel to under US$33 in early 2009. Oman sold its oil at an average price of US$56.67 a barrel in 2009, down 43.9 percent a year earlier. The Gulf Arab state is investing heavily in oil and gas exploration to improve production. The sector accounts for about 80 percent of its state income.

Natural gas output also rose, as production for the 2009 rose 2.6 percent to 1.097 trillion cubic feet.

 

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