Research and Markets: Oman Oil and Gas Report Q4 2011 - Onset of particularly cold weather drove up demand

DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/39f80e/oman_oil_and_gas_r) has announced the addition of the "Oman Oil and Gas Report Q4 2011" report to their offering.

“Oman Oil and Gas Report Q4 2011”

Oman's real GDP is assumed by BMI to have risen by 4.5% in 2010, with average annual growth of 2.9% forecast in 2010-2015. BMI expects Omani oil consumption to grow from 142,000b/d in 2010 to 181,000b/d in 2015. Oil production is set to grow from 869,000b/d in 2010 to 924,000b/d in 2012, but then fall to 858,000b/d in 2015. Partly state-owned Petroleum Development Oman (PDO) accounts for more than 80% of the oil and gas produced in the country, but international oil companies (IOCs) are significant investors in Omani upstream.

BMI expects growth in Omani gas production and anticipate a rise from 24.7bn cubic metres (bcm) to 31.9bcm in 2010-15, while consumption is set to grow from 13.9bcm to 19.6bcm over the same period.

BMI forecasts that Oman will account for 2.08% of Middle East regional oil demand by 2015, while providing 2.87% of supply. In 2010, comparable figures were 1.9% and 3.58%. Oman's estimated share of gas consumption in 2010 will have been 3.96%, while its share of production is put at 5.55%. By 2015, its share of gas consumption is forecast to be 4.24%, with the country accounting for 5.18% of supply.

The 2010 full-year outturn was US$77.45/bbl for OPEC crude, which delivered an average for North Sea Brent of US$80.34/bbl and for West Texas Intermediate (WTI) of US$79.61/bbl. The BMI price target of US$77 was reached thanks to the early onset of particularly cold weather, which drove up demand for - and the price of - heating oil during the closing weeks of the year.

Read more inside Oman Oil and Gas Report Q4 2011

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