Tariq Al Amri, CEO of Oman Environmental Services Holding Company (be’ah), talks to The Energy Year about the evolving demand for waste management services in Oman…
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.
READ MOREOccidental Petroleum Corporation has yielded record initial production flows at an onshore exploration well on Block 65 in Oman, the US energy company announced on…
READ MOREMoustafa Rashad, CEO of Al Fanar Gas, talks to The Energy Year about how the company’s one-stop-shop approach has positioned it as a gas distribution leader in the…
READ MOREPetroleum Development Oman (PDO) has drilled 1,500 wells on the Nimr cluster in Oman, the Omani E&P player announced on Wednesday.
The NM-1500 well is located in…
READ MOREMaha Energy has requested an extension on the initial exploration and production sharing agreement of onshore Block 70 in Oman following a short-term production test,…
READ MORESalim Al Thuhli, CEO of Khazaen Economic City (KEC), talks to The Energy Year about the project’s aims and ongoing developments, as well as its recent achievements.…
READ MOREIbrahim Al Nadhairi, CEO of Asyad Shipping & Drydock, talks to The Energy Year about the synergies found in combining Asyad’s Shipping and Drydock arms, the…
READ MOREEmile Hoogsteden, CEO of the SOHAR Port and Freezone, talks to The Energy Year about the port’s critical importance to Oman and how the energy transition is impacting…
READ MOREAbdulaziz Al Shidhani, managing director of Hydrogen Oman (Hydrom), talks to The Energy Year about Oman’s prospects in the global hydrogen market and the main…
READ MOREWalid Hadi, senior vice-president and country chair of Oman Shell, talks to The Energy Year about the company’s key initiatives to support Oman’s energy industry…
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