Five shortlisted international contractors are preparing to submit bids for the Khazzan phase two project management contract later this month, media reported on…
READ MOREOman's Energy Industry
H.E. Mohsin AL HADHRAMI
Undersecretary
MINISTRY OF ENERGY AND MINERALS
Oman's Energy Industry In Figures
Oil reserves5.4 billion barrels
Oil production971,000 bopd
Gas reserves700 bcm
Gas production41.8 bcm
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
KCA Deutag has secured $204 million in land drilling contracts in Oman, Saudi Arabia, Bolivia and Peru.
READ MOREOman's 230,000-bpd OQ8 (Duqm) Refinery began running at full capacity in February 2024, sourcing crude mainly from Kuwait.
READ MORESeveral OPEC+ members have extended voluntary oil production cuts of 2.2 million bpd into Q2 2024.
READ MOREThe giant Al Zour refinery in Kuwait has reached full capacity for the first time.
READ MOREOQ Group and Kuwait Petroleum International have inaugurated the OQ8 refinery located in Oman.
READ MORESaudi Aramco has received orders from the government to set its maximum sustainable capacity to 12 million bpd.
READ MORETOGY talks to Emad Elatreby, general manager of Ali & Sons Marine Engineering Factory (ASMEF). Founded in 2009, ASMEF is an Abu Dhabi-based engineering company that…
READ MORETOGY talks to Anupam Ghosal, oil and gas area manager of DNV GL. The company serves the maritime, oil and gas, and energy industries and also offers certification…
READ MOREOman will cap its output at 970,000 bopd instead of 1 million as previously planned if producers extend the oil production cut deal set to expire in July, a top energy…
READ MOREKuwait shut down its Shuaiba refinery on Friday, a key step in the implementation of the country’s USD 12-billion Clean Fuel Project (CFP).
The CFP is repurposing…
READ MOREOil fell on Monday after OPEC and non-OPEC ministers omitted from their final statement on Sunday a recommendation to extend the production cut deal reached last…
READ MORETOGY talks to Mohammad Kyanpour, engineering and business development manager for the GCC at RGL Reservoir Management, about how the company is applying its…
READ MOREThe oil and gas news of the past week was a mixed bag. A major Wood Group acquisition set things in motion on Monday, with the highlights of the past week ranging from…
READ MOREMinister of Petroleum Bijan Namdar Zangeneh has offered to keep Iranian oil production at the agreed-up level of 3.8 million bopd for the remainder of 2017.…
READ MORETOGY talks to Mohammad Shahin, managing director of MUC Oil & Gas, about petrochemicals refining and storage capabilities in Abu Dhabi. MUC Oil & Gas provides…
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