Offering 3 concession sites for oil and gas exploration

The Ministry of Energy and Minerals has called on local and international companies to submit bids for oil and gas exploration in 3 concession sites, sites No. 15, 36 and 54, until June 25.

Gas and oil are of great importance to the Sultanate of Oman, and an important source of income, as total gas revenues reached 3.5 billion riyals by the end of last year, an increase of 29%, while total oil revenues amounted to 7.4 billion riyals. Net oil revenues increased by the end of the first quarter of the year by 9% to reach RO 1.7 billion, compared to RO 1.5 billion at the end of March 2022, mainly due to the increase in the average price per barrel achieved by about $85, and the increase in average production to about 1.063 million barrels per day. While net gas revenues decreased by the end of the first quarter by 12% to reach RO 720 million due to the deduction of gas purchase and transportation expenses from the total revenues received from IGC.

The Sultanate of Oman’s oil production amounted to 95.7 million barrels by the end of the first quarter, of which 75.3 million barrels were crude oil and 20.3 million barrels were condensate. As for gas, its production at the end of the first quarter amounted to 12.9 billion cubic meters, recording an increase of 7.4%.