New market study, "Oman Oil & Gas Report Q3 2013", has been published

From: Fast Market Research, Inc.
Published: Thu Aug 15 2013

Oman has reason for optimism about its oil and gas sector's prospects in 2013. Its experiment in full-scale enhanced oil recovery (EOR) projects has delivered clear results, with crude production reviving to levels not seen in 10 years. Ambitious plans to expand its downstream sector, with a new grassroots refinery in Duqm, attest to the positive sentiment in the Sultanate's hydrocarbons sector. The icing on the cake would be a final investment decision on BP's proposed US$20bn tight gas development. The recent agreement on the pricing structure should help the major tight gas project move forward after lengthy negotiations that underscore the challenges of bringing gas projects online in a region where statemandated prices make for questionable economics. Success at Khazzan will not only ease supply tightness in Oman, which both imports and exports case, but could boost the case for both revising prices and for increasing shift toward targeting unconventional gas in the region.

Full Report Details at

We highlight the following trends and developments in Oman's oil and gas sector:

* Our estimates assume oil and liquids production of 893,400 barrels per day (b/d) in 2012, with volumes expected to peak at 931,000b/d in 2014. In terms of crude exports, the pattern is for 737,000b/d in 2012, rising to 758,000b/d in 2014. According to the Energy Information Administration (EIA) the Sultanate's average oil production averaged at 923,500b/d in 2012 and during the first half of 2013 the average was 944,200b/d.
* BMI sees Oman's proven oil reserves rising from 5.5bn barrels (bbl) in 2011 to 5.9bn bbl by 2013/14, but falling to less than 5.2bn bbl by 2020. The success of enhanced oil recovery (EOR) is critical both in terms of raising estimates of recoverable oil, and in terms of oil production levels.
* State controlled Petroleum Development Oman (PDO) is preparing to spend significant amounts to boost exploration and production (E&P) activities in the next five years. According to reports, the company will invest US$26bn, as part of a longer-term plan to spend US$60-70bn in the oil and gas sector over the next 10 years. At the Oman EPC Projects Summit 2013, the director general of Management of Petroleum Investments at the Ministry of Oil and Gas - Dr Saleh Al Anboori - announced that out of the seven (onshore and offshore) blocks, approximately 900,000b/d and 3.3bcm of natural gas is produced.
* Sweden-based Tethys Oil's discovery of oil in four separate formations with its B4EW4 exploration well on Block 4 onshore Oman was announced in February 2013. Exploration of the field began in November 2012 and the well, which was drilled to a total depth of 3,030 metres (m), encountered strong oil shows in the Lower Al Bashir, Buah, Khufai and Masirah Bay formations.

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