Oman`s oil and gas investment reaches OMR 2.25 billion
12/12/23
Oman`s total investment in the exploration, production and development of oil and gas during the first half of 2023 reached OMR 2.25 billion (USD 5.84 billion).
According to figures from the Ministry of Energy and Minerals, capital expenditure accounted for 62% of total investment, which included geological surveys, drilling and facilities. The remaining 38% was spent on operating expenses.
An important part of this capital expenditure saw the Sultanates oil companies drill several exploratory wells in various oil and gas concession areas during 2023. These operations targeted different reservoirs at varying depths. As a result, some of the wells are classed as 'promising' and the presence of oil will be confirmed through long term testing that may last several months.
In a bid to further increase supply, untapped concession areas have also been opened for investment and such areas have received great interest from several local and international companies. The Ministry launched a tour of bidding earlier this year for Blocks 15, 54 and 36, which is currently in the awarding process.
In further developments, Occidental Oman recently has already commenced operations in the Block 65 oil field, which is classed as a previously discovered field. The company is currently working on a water injection project to maintain the same production levels from this well which reached 6,000 barrels of oil equivalent per day. It also intends to use the same technique for any further wells it drills in the same field.
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