Market Report, "Oman Oil & Gas Report Q3 2016", published
Recently published research from Business Monitor International, "Oman Oil & Gas Report Q3 2016", is now available at Fast Market Research
[ClickPress, Wed Jul 20 2016] We believe that Oman's oil industry still provides new and lucrative opportunities ranging from the approval of additional upstream projects to new discoveries, with a focus on offshore resource finds a unique new area of interest . However, due to the prevailing low price environment, smaller energy producers such as Oman will have more challenges attracting upstream investment.
Latest Updates And Key Forecasts
Norway-based oil and gas company DNO failed to encounter significant volumes of hydrocarbons in its Hayah-1 exploration well in Block 36.
This quarter we have maintained our forecasts for Oman's oil production. We believe that the output will continue to increase to peak of 988,800b/d in 2017, followed by a gradual decline to around 914,700b/d in 2025.
Full Report Details at
According to reports in Times of Oman, the country's oil production in April 2016 amounted to 994,303b/d, marking a 1.6% year-on-year (y-o-y) increase.
In March 2016, Oman's Minister of Oil and Gas Muhamad Al Rumhi informed that Oman would be ready to cut its oil output by around 5-10%, if OPEC producers decided to lower their production .
According to BP reports in June 2016, its Khazzan gas project is 70% complete and should start production in late 2017.
Oman's gas production is set to peak at 53.7bcm in 2023, up from 33.2bcm in 2015. The output volumes will decline marginally to around 51.8bcm at the end of our forecast period.
Between February and April 2016, Sohar refinery underwent a scheduled maintenance, which included a notable upgrade of the facility's residual catalytic cracking unit.
We hold our forecast for Oman's refining capacity, which is set to increase to 522,000b/d by 2019 and remain stable throughout the rest of our review period to 2025.
We maintain our view that Oman's crude and liquids exports will peak at 781,510b/d in 2016. The export volumes will decline over the medium to long-term, mostly on account of rising domestic refining capacity. Total exports are set to shrink to 415,000b/d by the end of 2025.
Oman will remain a net exporter of gas throughout our review period. However, soaring domestic demand will push the export volumes lower to just 2.3bcm in 2025.
In March 2016, an Oman LNG representative said that the company will reschedule around 5% of its LNG shipments in 2016 due to a rising domestic demand for power generation.
The Oman Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Oman including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.
For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156 (1.413.485.7001 Int'l)
You may also be interested in these related reports:
- United Kingdom Oil & Gas Report Q3 2016
- Ukraine Oil & Gas Report Q3 2016
- Poland Oil & Gas Report Q3 2016
- Bahrain Oil & Gas Report Q3 2016
- Iran Oil & Gas Report Q3 2016