MUSCAT: Oman expects a significant increase in its natural gas output over the next five years but little improvement in oil production, its undersecretary for oil and gas said.
Oman aims to raise gas output to an average of 120 million cubic meters per day (mcm/d) over the five-year period from 2014 through 2018, Salim Al-Aufi said, a gain of 17.65 percent over 2013.
In 2013, gas production rose to an average of 102 mcm/d, up 3.7 percent from the previous year.
Oman’s modest gas exports have been constrained over the last few years as it has struggled to raise production quickly enough to keep pace with its own demand growth.
Muscat hopes the planned start-up of BP’s Khazzan tight gas project in 2017 will provide a big boost to supplies, with Khazzan alone expected to add about 28 mcm/d to gas output by 2018.
Crude oil and condensate production is expected to average 950,000-960,000 bpd over the five-year period, Aufi said, an increase of less than 2 percent over last year’s average level.
The non-OPEC oil producer averaged 942,000 barrels per day (bpd) in 2013, up 2.5 percent from 2012.
Faced with a potential domestic gas supply crisis, Muscat has been trying for year to import gas from Iran, the world’s largest gas reserves holder.
Those efforts have proved unsuccessful, largely because of tight Western sanctions over Iran’s nuclear program, and there are rising doubts on whether Iran too can pump enough to meet its own gas needs.
Oman targets big rise in gas output over next 5 years
Oman targets big rise in gas output over next 5 years
Closing Bell: Saudi main index closes in red at 11,167
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 46.43 points, or 0.41 percent, to close at 11,167.54.
The total trading turnover of the benchmark index was SR4.88 billion ($1.30 billion), as 66 of the listed stocks advanced, while 192 retreated.
The MSCI Tadawul Index decreased, down 5.52 points, or 0.37 percent, to close at 1,506.55.
The Kingdom’s parallel market Nomu lost 153.40 points, or 0.65 percent, to close at 23,486.52. This comes as 32 of the listed stocks advanced, while 31 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging 9.95 percent to SR14.36.
Other top performers included Mobile Telecommunication Co., Saudi Arabia, which saw its share price rise by 5.32 percent to SR11.48, and Al Masar Al Shamil Education Co., which saw a 4.86 percent increase to SR22.89.
On the downside, Almoosa Health Co. was the day’s weakest performer, with its share price falling 4.81 percent to SR150.40.
Dallah Healthcare Co. fell 3.81 percent to SR113.50, while Saudi Research and Media Group dropped 3.44 percent to SR100.90.
On the corporate front, Arabian Plastic Industrial Co. has signed a non-binding memorandum of understanding with K. K. Nag to explore the establishment of a specialized manufacturing facility for expanded polypropylene products.
According to a Tadawul statement, the agreement sets out initial mutual obligations and rights between the two parties as part of APICO’s broader expansion strategy to increase production capacity and meet rising industrial demand.
The company’s share price rose 1.21 percent to SR43.52 on the parallel market.
