Saturday 02 / August / 2025
Muscat: The Ministry of Energy and Minerals is seeking to maintain a stable level of oil and gas production and reserves in the Sultanate of Oman, thereby achieving a balance between optimal utilisation of resources and also ensuring long-term 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.
