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From the Field

Oman aims for maximum oil production

MUSCAT, February 23, 2015 – Oman plans to raise oil production more than 4 percent in 2015, the country’s Ministry of Oil and Gas undersecretary, Salim Al Aufi, said Sunday.

 

Oil production would be ramped up to 980,000 barrels per day, because Al Aufi said oil prices had probably hit bottom. Oil and gas contribute 79 percent of the country’s revenue, according to the ministry, so a per-barrel price of $75 would lead to a deficit of almost $6.5 billion.

“It’s crucial that we continue executing the future projects,” The Washington Post quoted Al Aufi as saying. “It’s crucial that we continue the seismic activities and the exploration activities because when the market turns around, we need to have these opportunities identified and ready to go.”

Oman is the largest producer of oil in the Middle East that is not a member of OPEC. The organisation’s members agreed to keep production levels stable rather than decrease supply to drive prices up in November 2014.

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