The Qatar Fertiliser Company (Qafco) has brought on board GE Oil & Gas’ Downstream Technology Solutions (DTS) business for the optimisation of its Mesaieed…
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
Tareq Qaddumi, CEO of SPETCO, talks about developing novel solutions for gas processing and expansion plans in Kuwait’s…
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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.
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Oman’s Ministry of Oil and Gas is urging operators and services providers in the country to take measure to ensure the continued economical viability of their…
READ MOREOman will offer a production-sharing contract for one new block with oil and gas resources in 2015 the Times of Oman reported on Monday.
The nation has been trying…
READ MORETwo Omani cement firms, Oman Cement and Raysut Cement, announced on Sunday that the country’s Ministry of Oil and Gas had decided to withdraw its natural gas…
READ MOREDubai’s trade and logistics centre, the Jebel Ali Free Zone (Jafza), reported 20-percent growth in companies within the petrochemicals, oil and gas and related…
READ MOREPartially state-owned natural gas company Dolphin Energy said last Wednesday it is to increase its LNG imports in early 2015 to meet rising demand.
“Energy…
READ MOREAbu Dhabi’s state-owned investment company, Mubadala Petroleum, entered talks on Sunday to buy a $3-billion stake in the $10-billion Shah sour gasfield development…
READ MORESheikh Abdullah bin Nasser bin Abdullah Al Bakri, Oman’s Minister of Manpower, explains the ministry’s ongoing efforts to develop Omanis’ qualifications in areas…
READ MOREIn May 2013, US company GlassPoint announced that the solar enhanced oil recovery (EOR) project at the Amal West oilfield in southern Oman was fully operational. The…
READ MOREIn December 2013, super-major BP signed the final gas sales and an amended production-sharing agreement for the Khazzan and Makarem gasfields in block 61, located in…
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