Oman Races Ahead Of Production Target, Diversifies Export Markets

Oman’s 2016 liquids production target of 990,000 b/d continues to look conservative as May output hit 999,836 b/d. Production for the year has averaged 998,000 b/d so far and it looks more likely that Oman will average 1mn b/d than fail to meet its target.

Crude production was a record 910,000 b/d, beating December's 905,000 b/d. Last year’s 981,000 b/d was the highest annual liquids output on record, but 2016 is set to smash this mark. Output in the first five months of 2016 is up 32,000 b/d year-on-year.

Much of the increase is driven by Oman’s largest producer Petroleum Development Oman (PDO - government 60%, Shell 34%, Total 4%, Partex 2%). PDO has brought forward its 2019 crude oil production target of 600,000 b/d to this year. This represents an 11,000 b/d increase on 2015 output. (CONTINUED - 744 WORDS)