Sultanate of Oman

The Sultanate of Oman is primarily an oil-based economy and this will continue into the foreseeable future. In 1982 the proven oil reserves were 2.5 billion barrels, but by 1991 this had risen to over 4.3 billion barrels. However, known reserves greatly exceed these exploitable oil reserves and as techniques for extraction improve it is likely that this figure of 4.3 billion will increase. At current rates of extraction there is enough oil to maintain an average production of 700,000 bpd for 20 years. After years of exploration oil was finally discovered in commercial quantities in Oman in 1964 and production began in 1967. The first oil find was made at Yibal followed by the Fahud oil field in 1964 and this remains the largest single discovery yet. (author)