Oman’s oil and gas market is expected to flourish despite the global oil prices crisis thanks to government’s purposeful commitment to invest in new project developments, exploration, and production, Energy Global reported. Oman has set a target to produce 980,000bpd of oil in 2016, up from almost 993,000bpd in 2015, by stepping up the use of enhanced oil recovery (EOR) techniques in its maturing assets and heavy oilfields. Development of the Khazzan tight gas project and Amal West’s heavy oil extraction is also expected to boost Oman’s production in the coming years.
In line with country’s commitment to oil market recovery, the Omani government is planning to award an oil block to an international oil company on a production sharing basis in the Al Wusta region in 2016, according to the Ministry of Oil and Gas, informed the Times of Oman. In addition, Oman has also announced plans for bids to build the $6b Duqm refinery and petrochemical complex, which will help diversify country’s oil revenues amid a slump in crude prices, wrote Muscat Daily. Further, in the energy services sector, the Petroleum Development Oman company has also signed a long-term multi-million dollar contract with GE Oil & Gas for the provision of integrated Reciprocating Rod Pump equipment (RRP) and related services commencing in Q2 of 2016, according to Zawya.