Output from Oman’s Blocks 3&4 continues to trend downwards, despite the block’s partners implementing remedial measures. Production in March was just 30,970 b/d, down from 34,190 b/d a year earlier. With the exception of May 2020 when operations were affected by Covid-19, this was the lowest monthly figure since April 2015.
Overall, Q1 output dropped incrementally from the previous quarter – from 31,470 b/d to 31,370 b/d, with the latter some 14,000 b/d down on the record 45,000 b/d figure hit in Q4 2019 (see chart). The Blocks 3&4 partners (CCED 50%op, Tethys 30%, Mitsui 20%), will be hoping that this more or less flat output indicates that production has now bottomed out and that a rebound is set to begin after 2022’s seven-year low annual production of just 31,150 b/d (MEES, 20 January). (CONTINUED - 936 WORDS)
