Oman Oil Company (OOC) has plans for corporate restructuring, including the privatisation of some of its subsidiaries, the Reuters news agency reported on Sunday.
The…
Oman'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
Alexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
READ MORETareq Qaddumi, CEO of SPETCO, talks about developing novel solutions for gas processing and expansion plans in Kuwait’s…
READ MORETotalEnergies and OQ have launched the Marsa LNG project in Oman.
READ MOREKCA 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 MORESaid Al-Adawi, co-founder and CEO of local operator Intaj, talks to TOGW about the prospects for start-ups in Oman and the government’s role in providing…
READ MOREHamoud Al Tobi, CEO of Al Shawamikh Oil Services, tells TOGY that super local community contractors (SLCCs) need focused support as much as possible over their 10-year…
READ MOREOman has said it is mandating companies to find methods for reducing gas flaring, as major international oil businesses and several oil-producing nations committed to…
READ MOREThe National Iranian Gas Export Company’s managing director Ali Reza Kameli has said that an Omani delegation will arrive in Tehran this week to discuss a planned…
READ MORETotal has pulled out of Oman’s block 41 after failing to make commercially viable hydrocarbons discoveries, a government official announced Monday.
Total entered a…
READ MORERaoul Restucci, managing director of majority state-owned Petroleum Development Oman (PDO), talks to TOGY about major challenges and opportunities that low oil prices…
READ MOREThe external balances of GCC countries are to deteriorate according to projections of Moody’s, based on an average oil price of $55 per barrel in 2015 and $65 in…
READ MOREOman plans to raise oil production more than 4 percent in 2015, the country’s Ministry of Oil and Gas undersecretary, Salim Al Aufi, said Sunday.
Oil production…
READ MOREOman’s oil production increased marginally during the January-November 2014 period, according to new official data reported over the weekend. Overall crude and…
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