October 2014

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HP Boxscore Construction Analysis: Oman eyes refinery improvements, new petrochemical hub

Despite increasing oil and gas production, Oman lacks the capacity to meet surging demand, especially for petrochemical and refined products. To help satisfy demand, the country is investing over $12 B in refinery and petrochemical projects by 2019.

Nichols, Lee, Hydrocarbon Processing Staff

Like most countries in the Middle East, Oman’s economy is dependent on its oil and gas sector. According to the US Energy Information Administration (EIA), the hydrocarbon sector accounted for 86% of the Oman government’s revenues in 2013. Crude oil production reached just over 950 Mbpd in 2013. Crude oil exploration and production activities are located in the Oman basin, which spans most of the country. The majority of crude oil extracted is exported to markets in Asia. Domestic natural gas production has also risen steadily over the past few years. Gas output is forecast to reach 120 MMcmd in 2014, and Oman aims to sustain that production level through 2018. The country will se

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