Oman’s oil reserves will start declining in 2015 unless significant discoveries are made in the short term, a new report by BMI has found.
The Oman Oil & Gas outlook predicts that the sultanate’s crude oil production levels will reach their peak in 2017, while total hydrocarbon productions will “reach their zenith” in 2020.
“With significant decline in global oil prices that started in the latter half of 2014, smaller energy producers such as Oman will have more challenges attracting upstream investment,” BMI said.
Oman will see increases in domestic consumption being further aggravated by decreasing returns from the enhanced recovery efforts, the report added.
However, lucrative opportunities from upstream projects and new discoveries are abundant, particularly offshore.
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