Oman's crude oil exports grow by 6.3% in H1 2016
Oman’s crude oil exports grew by 6.3% to 164.57mn barrels in the first half of 2016 (H1 2016), due to an increase in production.
However, the average price of Oman Crude fell by 40.9% to $35 per barrel in overseas markets during the first half of 2016, from $59.3 per barrel in the same period last year.
The Sultanate’s production of crude oil and condensates grew by 3.6% to 182.05mn barrels in the first half of 2016, from 175.67mn barrels during the same six month period in 2015.
This was equivalent to a daily production of 1,000,300 barrels in the first half of 2016.
As a result of the dip in oil prices, net oil revenues for the first five months of 2016 plunged by 44.7% to $3.34bn from $6.04bn in the same period last year.
Meanwhile, China continued to maintain its lead among top importers of Omani Crude in the first half, with a share of 73.03%, or 120.18mn barrels, according to the latest statistics released by the Sultanate’s National Centre for Statistics and Information (NCSI).
However, imports to China edged down by 1.7% in the first half. China was followed by Taiwan, United States, South Korea and Japan.
Further, the country’s natural gas production and imports grew by 7.4% to 20.46bn cubic metres (bcm) in the first half of 2016, from 19.06bcm during the same period last year.
Of this, while non-associated gas production and imports surged ahead by 7.4% to 16.87bcm, associated gas generation moved up by 7.1% to 3.58bcm, according to the monthly report of NCSI.
A sizeable portion of natural gas in Oman is used by various mega industrial projects, which stood at 11.64bcm for the first half of 2016. Natural gas is also used in oilfields, either as fuel or for re-injection.
For instance, in the first half of 2016, as much as 4.65bcm of natural gas was used in oil fields, against 4.13bcm units consumed for the same period in 2015.
Other major consumers of natural gas in the country include power producers, small-scale industries and liquefied natural gas plants.