Ministry striking a balance between resource utilisation and sustainability
Dr. Saleh bin Ali Al-Anbouri, Director General of Exploration and Production at the Ministry of Energy and Minerals, said that all companies operating in concession areas are balancing production with reserve compensation programmes throughout the year.
In a statement to the Oman News Agency, he added that the Sultanate of Oman's average production of crude oil and condensates in 2024 amounted to approximately 993,000 barrels per day, while natural gas production amounted to approximately 149 million cubic metres per day, reflecting stable supplies over the past years.
He pointed out that the Ministry of Energy and Minerals is working to market several open concession areas and attract new investments to intensify exploration in the coming period, based on market demand and in parallel with Opec+ efforts to maintain global balance.
He said that the ministry is currently focusing on marketing offshore areas, which is expected to open up promising prospects that will support maintaining production and reserve levels in the future by introducing advanced technologies in these areas.
He explained that the investment environment in the oil and gas sectors in the Sultanate of Oman is promising and has successfully been able to attract many international and local companies. He noted that the Ministry signed three petroleum agreements in 2024 in areas 38, 74, and 15.
Saleh bin Ali Al Anbouri added that, given the importance of exploration operations in supporting oil and gas reserves, these efforts have continued at a steady pace. Seventy-three exploratory and appraisal wells were drilled last year, including 54 oil wells and 19 gas wells. These include those carried out by Petroleum Development Oman (PDO) which drilled 24 oil and 9 gas wells as part of its annual plan.
He further pointed out that crude oil and condensate reserves by the end of 2024 amounted to approximately 4.825 billion barrels while gas reserves rose to 23.3 trillion cubic feet, reflecting the success of ongoing efforts and to achieve long-term resource sustainability.
He affirmed that the Ministry is continuing its approach aimed at achieving a reserve replacement rate of 100 percent by enhancing exploration activities, expanding recovery rates through the application of enhanced steam and polymer injection recovery technologies, and creating an attractive investment environment, ensuring a stable future for the energy sector in the Sultanate of Oman.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Muscat Daily
4 hours ago
- Muscat Daily
Alara Resources awarded 2nd mining licence in Oman
Muscat – Alara Resources Limited, an Australian base and precious metals producer and explorer with projects in Oman, has announced the award of a second mining licence by the sultanate's Ministry of Energy and Minerals over the Daris 3A5 prospect, part of the Daris Copper-Gold Project. This milestone represents a significant strategic achievement for Alara, reinforcing its leadership position in Oman's rapidly developing mining sector. The Daris Copper-Gold Project – in which Alara holds a 50% interest, with the right to increase it to 70% – is located approximately 150km west of Muscat and spans an extensive area of around 587sq km (Block 7) under a mineral exploration licence. The 3A5 mining licence has been granted over a portion of Block 7, covering an area of 0.65sq km. Block 7, including the 3A5 licence, is operated by Daris Resources LLC – a joint venture company in which Alara holds both management and commercial rights. Back in 2013, Alara submitted mining licence applications for two highly prospective copper-gold zones in Block 7 – Daris East and Daris 3A5 – following extensive exploration activities conducted between 2010 and 2012. The company drilled 10 diamond core holes to test and verify the historical mineralisation reported at Daris 3A5. The drilling confirmed the presence of high-grade copper-gold mineralisation at the prospect. Now that the Daris 3A5 mining licence has been secured, Alara plans to carry out geophysical surveys over the next year to determine drill hole locations, followed by diamond core drilling to define the mineralisation boundaries. In a press statement, Atmavireshwar Sthapak, Managing Director of Alara Resources, said, 'The award of the Daris 3A5 mining licence marks another pivotal achievement for Alara and reaffirms our deep commitment to Oman's mining industry. Over the past 15 years, Alara has delivered consistently – from completing exploration programmes and feasibility studies to building Oman's first copper mine and processing facility at Wash-hi Majaza.' 'Daris 3A5 is poised to become our second copper mining operation, and we are excited to unlock further value for our shareholders. We extend our sincere thanks to the Ministry of Energy and Minerals, our partners at Daris Resources LLC, and the dedicated Alara team who made this milestone possible. We look forward to building on this success to drive our next phase of growth,' he added. Sheikh Salim bin Mustahail al Mashani, Chairman of Al Tamman Trading and Establishment, said, 'We are excited by the granting of the Daris 3A5 mining licence, which represents a significant step forward for the development of Oman's mining sector. This achievement is the result of close collaboration between our team, Alara, and the government authorities – particularly the Ministry of Energy and Minerals and the Environment Authority. 'We are proud to have worked together with our partners to achieve this important milestone. The Daris project reflects our shared vision of building a sustainable and economically impactful mining industry in the Sultanate. We look forward to supporting the next phase of development and delivering long-term benefits to Oman and its people.'
Times of Oman
6 hours ago
- Times of Oman
Khazaen Dry Port joins global shipping network as final container destination
Muscat: Khazaen Dry Port, a subsidiary of Asyad Group, has joined the global shipping network CMA CGM, enabling the port to become an approved final destination for receiving containers. This move enhances the port's integration with international shipping lines and opens broader horizons for local importers and exporters to benefit from a more efficient and flexible global distribution network. The port recently received its first container shipment under this global network, arriving from international ports via Sohar Port as a transit hub. Customs clearance and handling procedures were completed directly at Khazaen Port, thanks to its advanced operational readiness and cutting-edge technical infrastructure. Khazaen Dry Port offers numerous operational advantages that support local and international trade, including free storage periods of up to 14 days for loaded containers and 21 days for empty containers. It also provides advanced services for refrigerated containers, including electrical hookup and pre-trip inspection, as well as on-site food and agricultural inspection facilities, accelerating the entry of goods into local markets and enhancing supply chain efficiency. This achievement reflects the success of a strategic partnership between Asyad Group, represented by Asyad Ports and Free Zones, and the global CMA CGM Group. The service was activated through a flexible customs corridor developed in collaboration with the Royal Oman Police (ROP) Customs Department. This corridor allows containers to be transported using a "shipping agent's seal" without traditional customs sealing procedures, with the option of a "written financial guarantee" as an alternative to bank guarantees. This reduces costs for operators, encourages direct connectivity, and improves logistical efficiency.
Times of Oman
7 hours ago
- Times of Oman
Barka Business Centre contributes to building knowledge, innovation-based economy
Barka: The Business Centre in the Wilayat of Barka, affiliated to the Small and Medium Enterprises (SMEs) Development Department in South Al Batinah Governorate, represents a significant addition to the entrepreneurship ecosystem. It plays a vital role in generating job opportunities, fostering innovation, and empowering youth in economic development, aligning with the objectives of Oman Vision 2040, which aims to establish a knowledge and innovation-driven economy. The SMEs Development Department in South Al Batinah Governorate revealed that eight small and medium enterprises are currently undergoing training at the Barka Business Centre. The Centre provides shared workspaces and a supportive environment for entrepreneurs, enabling them to transform their ideas into successful ventures. This initiative contributes to boosting local economic growth and generating new employment opportunities.
