(MENAFN) Oman's oil reserves are projected to be at 50 billion barrels with 5 billion barrels of which are set for production, the undersecretary at the Ministry of Oil and Gas, Nasser bin Khamis Al Jashmi said.
Over the last few years, the Gulf country produced between 7 and 8 billion barrels of oil, Al Jashmi added.
Al Jashmi said that oil and gas companies operating in the Sultanate provide the government with a share of 60 to 70 percent and in some cases the share is calculated through the number of barrels produced.
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