(MENAFN- Muscat Daily) Oman has set ambitious targets to boost the share of oil it produces from enhanced oil recovery (EOR) projects by 2021 in a bid to sustain a five-year trend of rising crude production levels, according to the Minister of Oil and Gas.
Delivering the keynote address at the Gulf Intelligence Oman Energy Forum on Monday, H E Dr Mohammed al Rumhi said, ''Oman is a pioneer in the application of EOR techniques in the Middle East. Oman would not need nuclear or coal power but gas imports and better energy efficiency in the coming years.''
H E Dr Rumhi also stressed on the fact that the Gulf region must reduce domestic energy consumption drastically.
''Oman and neighbouring Gulf states must move towards curtailing energy consumption drastically, reduce subsidies and boost efficiencies to keep the region's rapidly rising oil and gas demand in check. We must drastically reduce our consumption, not only in Oman but in the region as a whole,'' he said.
Today, the six GCC states consume more primary energy than the whole of Africa even though their population is only one-twentieth the size of the continent's, according to Chatham House's ‘Saving Oil and Gas in the Gulf' report published in August. Heavily-subsidised energy has fuelled consumption growth in the region in recent years and led to rising energy subsidy bills for governments.
According to International Monetary Fund estimates, energy subsidy costs in GCC countries ranged from 9-28 per cent of government revenues in 2011.
''Subsidy is killing us. We should preserve energy on a daily level and use it wisely. We can do so much ourselves. We don't need to start any nuclear, coal, bio-fuel activities in Oman,'' the minister said.
He added that there wasn't much need for the sultanate to pursue renewable energy projects at present as there is enough gas in the world.&nb
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.