Muscat: The state-owned oil Oman Petroleum Development (PDO) confirmed the discovery of a large reservoir of gas in the Mabrouk gasfield, located in the Garif formation in northern Oman.

The recoverable amounts are estimated at more than 4 trillion cubic feet (TCF) and 112 million barrels of condensate.

The announcement was made during an annual press conference on Monday.

The sultanate’s total oil and condensate reserves stood at 4.74 billion barrels at the end of 2017, down by 376 million barrels in 2016, despite adding 355 million barrels of oil and condensate from

exploration activities and the re-evaluation of some producing fields.

The average daily production for crude oil and condensate was at 972,000 barrels (compared to 1.4 million barrel in 2016), demonstrating the sultanate’s compliance with Organisation of Petroleum Exporting Countries (Opec) agreement to cut production in order to boost global oil prices.