Falling hydrocarbon proceeds and rising spending cut Oman’s state budget surplus by 62% y/y to OMR234mn ($608mn) in the first eleven months of 2014, the statistics office said.
Total revenue fell 2.5% y/y to OMR12.47bn over the period whereas spending increased 14.2% y/y to OMR11.14bn. Net oil revenue dropped 3.2% y/y to OMR9.44bn (77% of the total) while gas revenue shrank 6.9% y/y to OMR1.24bn. Corporate tax income, however, remains strong amid developing non-oil sector, rising 7.3% y/y to OMR409mn in January-November.
Current spending climbed 21% y/y to OMR7.03bn during the period while capital spending increased 10.2% y/y to OMR2.67bn.
The “Actual expenditures under settlement” under the finance ministry’s methodology more than halved y/y to OMR1.1bn in January-November.
NOTE: Oman’s finance ministry is using the terminology “Actual expenditures under settlement” which sum is deducted from the total, or gross, budget surplus.
Oman’s state budget recorded a OMR267.4mn surplus in 2013, according to final finance ministry data. Total revenue reached OMR14.22bn and spending stood at OMR13.94bn.
Related Articles
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four offshore blocks in the Red Sea, according to Al Youm Al Sabea, ... more
BP expands gas output in Egypt’s West Nile Delta with new well start-up
British energy major BP (LSE, NYSE:BP) has started up the RW5 gas well in Egypt’s West Nile Delta (WND) project, adding around 80mn cubic feet per day of additional supply, Al Mal reported on ... more
Egypt reports multiple oil and gas discoveries in New Delta, Eastern and Western Deserts
Egypt’s Ministry of Petroleum and Mineral Resources has announced 18 new oil and gas discoveries across the New Delta, Eastern Desert, and Western Desert, marking one of the strongest exploration ... more