Oil and gas revenues in the Sultanate of Oman recorded $4.3 billion at the end of February

Oil and gas revenues in the Sultanate of Oman increased during the first two months of this year, compared to the same period in 2022, supported by higher prices.

The oil and gas sector supported the Sultanate of Oman’s budget by about 1.674 billion riyals ($4.34 billion) by the end of last February, according to data seen by the specialized energy platform.

Oil and gas revenues in the Sultanate of Oman accounted for about 78% of the country’s public revenues, which increased by 12% until the end of February 2023, recording about 2.148 billion Omani riyals ($5.57 billion), compared to 1.918 billion riyals ($4.98 billion) in the previous year. the same period in 2022.

Oil and gas revenues

The financial performance bulletin issued by the Ministry of Finance indicated that the increase in revenues is mainly due to the increase in oil and gas revenues in the Kingdom Sultanate Amman and an increase in current revenues by 51%.

Net revenues from Omani oil until the end of last February increased by 5%, recording about 1.153 billion riyals ($2.99 ​​billion), compared to collecting 1.094 billion riyals ($2.84 billion) until the end of February 2022.

The increase in oil revenues was driven by the increase in the average price of Omani oil, which reached $86 per barrel.

Omani gas revenues increased by 2%, recording about 521 million riyals ($1.351 billion), compared to the same period in 2022.

Oil and gas production in the Sultanate of Oman

Oil and gas revenues in the Sultanate of Oman were supported by increased production during the first two months of 2023, compared to the same period last year.

The Sultanate of Oman’s production of oil and condensate until the end of last February increased by 3%, to reach about 62,750,100 barrels.

The Sultanate of Oman’s production of crude oil, at the end of last February, recorded about 49 million 391 thousand and 700 barrels, an increase of 2.9% compared to the same period in 2022, according to information obtained by the specialized energy platform.

Oil condensate production increased by 3.5%, recording 13,358,300 barrels compared to the production of the same period last year.

The average daily production of the Sultanate of oil and condensate increased by the end of February 2023, to record about one million and 63 thousand and 600 barrels, an increase of about 3% compared to the production of the same period last year (2022), which recorded one million and 32 thousand and 700 barrels.

At the end of last February, the average price of a barrel of Omani oil was about $81.8, an increase of 6.6% compared to the same period in 2022, when the price of a barrel was $76.7.

The Sultanate of Oman’s gas production also increased. Including imports, at the end of February 2023, by about 10.3%, to reach 8 billion 550 million 300 thousand cubic meters compared to 7 billion 748 million 700 thousand cubic meters during the same period in 2022.

Oman’s budget

Public spending in the Sultanate of Oman until the end of last February amounted to about 1.776 billion riyals ($4.61 billion), an increase of 68 million riyals. That is, 4% of actual spending for the same period of 2022.

* The Omani Rial is equivalent to 2.59 US dollars.

This is due to the increase in current expenses and expenses of contributions and other expenses by 108 million riyals, while the expenses of buying and transporting gas decreased by about 132 million riyals as a result of transferring expenses to the Integrated Gas Company.

The development expenditures of the ministries and civil units amounted to about 50 million Omani riyals, with a disbursement rate of 6% of the total development liquidity allocated for the year 2023, amounting to 900 million riyals, while the current expenditures of the civil ministries amounted to about 643 million riyals, up by about 32 million riyals compared to about 611 million riyals in the previous year. February 2022.

Total contributions and other expenses amounted to about 133 million riyals, up by 133%, compared to 57 million Omani riyals in the same period of 2022, and subsidies for petroleum products and support for the water sector until the end of last February amounted to about 47 million riyals and 17 million riyals, respectively. While the transfer to the provision for debt repayment amounted to about 66 million riyals.

And the state’s general budget recorded at the end of February 2023 a financial surplus amounting to about 372 million riyals, compared to recording a surplus of 210 million riyals in the same period of 2022, which will be directed to repaying part of government loans.

It is noteworthy that the government was able, at the end of the first quarter of this year, to pay a number of obligations estimated at about 1.1 billion riyals, thus reducing the volume of public debt to about 16.6 billion riyals by the end of March 2023.