Oman is on an unprecedented oil production streak, with output averaging more than 1mn b/d every month since December 2021 thanks to record condensate production. Crude output remains capped at 801,000 b/d by voluntary Opec+ cuts, but even if those restrictions were lifted, Oman would struggle to achieve a major increase.
IOC interest in Oman has soared over the past decade, but majors’ focus has been primarily on the sultanate’s gas riches. Oman’s complex geology limits the scale of potential oil plays, and as such, much of the exploration and appraisal of oil prospects comes from smaller firms in marginal acreage. (CONTINUED - 792 WORDS)
