Oman Vacation Trips
Oman Economy - Oil and gas
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Commercial export of oil began in 1967 and since Sultan Qaboos' accession to the throne in 1970, many more oil fields have been found and developed. In June 1999, PDO discovered a new oil field in southern Oman after drilling and testing three wells which demonstrated the commercial viability of the reservoir. This is the most significant find in five years.
Work is continuing on the RO 503.876 million oil refinery project in Sohar, which was due to go into operation in 2006 with a 116,400 barrels a day refining capacity. In 2004, Oman Oil Refinery was supplied with about 78,200 barrels a day for refining, while PDO began using steam injection technology in several wells to increase their productivity. Oman's future economy is expected to depend on Sohar, which is growing very fast.
Since the slump in oil prices in 1998, Oman has made active plans to diversify its economy and is placing a greater emphasis on other areas of industry, such as tourism and natural gas. Oman's Basic Statute of the State expresses in Article 11 that, "The National Economy is based on justice and the principles of a free economy."
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