Mubasher: Oman’s gas production is forecast to exceed its oil output by 2023 owing to a major rise in the development of gas fields in the country, a new report by Rystad Energy has said.

The sultanate’s gas output may increase to 130 million cubic metres per day by 2025. At the same time, reports indicate a drop in oil production.

“Gas is on the rise in Oman, and this transition is very timely. Oil output declines over the last two years may indicate a point of no return for Omani oil, but the country’s sliding oil production is set to be replaced by gas,” Aditya Saraswat, an analyst in Norway-based Rystad Energy stated.

He described this gas turnaround as being “tremendous” compared to the “near-stagnant” 80 million cubic metres per day of gas Oman produced between 2008 and 2016.

Oman’s oil output peaked at 900,000 barrels per day (bpd) in 2016, but has since begun its descent as production from older fields continues to decline. In 2018, the GCC member’s output decreased to 870,000 bpd, according to the independent energy research firm, which projected a 200,000 bpd drop by 2025.

Rystad Energy is an independent research firm that provides analytics, data, and tools, analytics services in the international energy sector.