Back toour markets

Oman's Energy Industry

H.E. Mohsin AL HADHRAMI

Undersecretary

MINISTRY OF ENERGY AND MINERALS

We are aiming to become a world hub for hydrogen, planning to produce 1 million tonnes per year by 2030.
Read The Full Interview

Oman's Energy Industry In Figures

Oil reserves5.4 billion barrels

Oil production971,000 bopd

Gas reserves700 bcm

Gas production41.8 bcm

Oman

Oman’s oil and gas industry in transition

Oman’s oil and gas industry has been the main driver of the country’s economic development since commercial production began in 1967. The nation is now the largest producer of hydrocarbons in the Middle East outside of OPEC members. Traditionally around 70% the Omani state’s budget is fuelled by revenues from taxation and operations of its oil and gas production, and the sector accounts for around 30% of Oman’s GDP. The country is stressing diversification of its economic foundations using the oil and gas sector as a base under its Vision 2040 programme. The initiative looks to see non-oil activities take up 90% of the nation’s GDP.

Government approvals and policy are dictated by the Ministry of Energy and Minerals, with NOC Petroleum Development Oman being the largest operator with the largest oil reserves in the country. The state-run entity is followed in size and scope by American E&P company Occidental Petroleum, which has the largest presence of any foreign company in the country. The government has also created other state-run players that have lesser stakes in upstream, midstream and downstream operations.

Most of Oman’s oil and gas resources are traditional, with limited unconventional and zero shale plays. EOR techniques have allowed the country to continue producing from its maturing assets. While local oil production meets demand for domestic energy consumption, the country is active in transitioning away from oil and gas towards reliance on solar and wind facilities in its power generation sector.

“The possibilities for Oman are enormous. There are many oil and gas resources to be explored and developed, and solar and wind offer a lot of potential as well,” Chris Breeze, country chairman for Shell Development Oman, told The Energy Year. “There are also significant opportunities to use digital technologies to interact with customers to enhance the energy efficiency of the electricity network. There are such large quantities of in-country resources available, and we have only just begun to unlock the potential of energy efficiency.”

Oman's Energy Industry News and Interviews

EU approves $3.9 billion for Romania wind and solar
NEWS
Romania - March 08, 2024

The EU has approved an aid package totalling USD 3.9 billion to support onshore wind and solar projects in Romania.

READ MORE
OPEC+ members extend voluntary output cuts to Q2 2024
NEWS
Multinational - March 04, 2024

Several OPEC+ members have extended voluntary oil production cuts of 2.2 million bpd into Q2 2024.

READ MORE
Kuwait’s Al Zour refinery reaches nameplate capacity
NEWS
Kuwait - February 08, 2024

The giant Al Zour refinery in Kuwait has reached full capacity for the first time.

READ MORE
Oman’s Duqm Refinery inaugurated
NEWS
Oman - February 08, 2024

OQ Group and Kuwait Petroleum International have inaugurated the OQ8 refinery located in Oman.

READ MORE
Saudi Arabia sets oil and gas production limits
NEWS
Saudi Arabia - January 30, 2024

Saudi Aramco has received orders from the government to set its maximum sustainable capacity to 12 million bpd.

READ MORE
Petroleum Development Oman wins big at OPAL awards
NEWS
Oman - January 19, 2024

Petroleum Development Oman (PDO) won nine awards across the six categories in the Oman Society for Petroleum Services OPAL…

READ MORE
Interview
Kuwait - June 01, 2023

Hassan Qasem, CEO of Alternative Energy Projects Co (AEPCo), talks to The Energy Year about the company’s contributions to the renewable energy market and their…

READ MORE

 

WHOSE PLATFORM IS THIS?
ASK US

  • Do you have a question for The Energy Year about oil and gas?
  • If we know, we’ll tell you.
  • If not, we’ll ask the experts in the field.