Emirates News Agency – Sultan of Oman announces new oil discoveries

Muscat, June 4 / WAM / Hon’ble Minister of Energy and Minerals Dr. Mohammed bin Hamad Al Ramahi announces new oil discoveries with oil companies operating in the Sultanate of Oman. 5.2 billion barrels, with a gas reserve of about 24 trillion cubic feet.

He hopes the new inventions will contribute to an increase in production from 50,000 to 100,000 barrels over the next two or three years.

He assured the Oman News Agency that the Ministry of Energy and Minerals will continue to improve the research sector so that the production of crude oil and oil capacitors in the Sultanate of Oman is present or increases in line with market conditions. He expressed hope that the conditions in the gas sector would improve in the coming years.

With regard to oil prices, the Hon’ble Minister of Energy and Minerals explained the difficulty in predicting prices in the coming period as a result of the Russian-Ukrainian war. Oil prices will remain at the same level as they are now until at least the end of this year and may return to their levels before the outbreak of war.

He said he hoped the global economy would continue to grow.

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