(MENAFN - Kuwait News Agency (KUNA)) Oman spends between USD 7-8 billion per year in investments in the oil and gas field in both upstream and downstream sectors, Undersecretary at the Ministry of Oil and Gas Nasser Bin Khamis Al-Jashmi announced on Sunday.
He said in press remarks that a news conference will be held by the beginning of next year to announce the newly-discovered oil fields and wells, besides results of companies operating in the sector. The country is exerting all possible effort in search for new energy resources, like gas found in deep and narrow reservoirs under the ground, Al-Jashmi said.
A number of wells were dug in search for the new gas, among other various projects, executed by Petroleum Development of Oman (PDO) Company, Al-Jashmi affirmed.
"Primary results of the new gas wells are promising, and they will be announced later after they are well studied," he stated.
The upstream oil sector is a term commonly used to refer to searching for and the recovery and production of crude oil and natural gas. It is also known as the exploration and production (EP) sector. The downstream oil sector is a term commonly used to refer to the selling and distribution of natural gas and products derived from crude oil. Such products include liquefied petroleum gas (LPG), gasoline or petrol, jet fuel, diesel oil, other fuel oils, asphalt and petroleum coke. Oman produces 940,000 barrels of crude oil per day.