Oman’s oil production to rise in 2014

Sultanate’s crude oil production is expected to be at the end of this year between 940,000 and 950,000 barrels per day due to the good results achieved by the end of 2013.Undersecretary of the Omani Ministry of Oil and Gas, Eng. Salim bin Nasser al-Oufi said in a statement carried by Oman News Agency (ONA) that gas production is currently stands at 80 million cubic meters, additional 5 to 7 million cubic meters of gas are imported from the Dolphin project to cover domestic needs.The statement noted that the Ministry of Oil and Gas continuously signs drilling and exploration contracts, as it is expected to sign 6 contracts in 2014 in open areas and offering some other areas for marketing.The cost of production per barrel of oil had reached $23 last year, noting that the price is not necessarily affected by the world oil prices, but is affected by high inflation as a result of higher prices of services, materials and mechanism of extraction.