Oman reports increase in reserves of oil and gas

Muscat: The Sultanate saw a rise in oil and gas reserves last year, the Ministry of Oil and Gas has announced.

The Ministry of Oil and Gas said in a press conference today: "The Sultanate's reserves of oil in 2018 amounted to four billion and 791 million barrels, recording an increase of 51 million barrels compared to 2017."

"While the gas reserves in the same year were 23.93 trillion cubic feet, around 0.96 trillion cubic feet of gas has been added," the ministry added.

Salim Al Aufi, the Undersecratry of Ministry of Oil and Gas said, "The total cost of projects currently being implemented in the oil and gas sectors is more than $22 billion, with a local added value of 40 percent."