Murtaza Jariwala, CEO and managing director of Vanguard Engineering & Oilfield Services, talks to The Energy Year about how developments in Oman’s upstream boost…
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
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 MOREMoath Al Rawi, CEO and president of The Arabian Geophysical and Surveying Company (ARGAS), talks to The Energy Year about the company’s activities and business…
READ MOREBangladesh is set to sign a 10-year LNG import contract with Oman, an official at state-owned energy company Petrobangla told Reuters on Monday.
The deal with Oman…
READ MORETalal Al Awfi, group CEO of OQ SAOC, the parent company of the OQ Group, talks to The Energy Year about the evolving market dynamics in Oman and the OQ Group’s key…
READ MOREAbdullah Al Hashimi, managing director of the Centralized Utilities Company (Marafiq), talks to The Energy Year about the company’s game-changing approach to utility…
READ MORETarik Al Junaidi, CEO of Oman Oil Marketing Company (OOMCO), talks to The Energy Year about the company’s activities and business model and its recent work at the…
READ MORESalman H. Binsaleh, chairman of Salman Binsaleh Steel Products Company (SBS Engineering), talks to The Energy Year about the evolution of the company’s manufacturing…
READ MOREHuzaifa A.J., chief technical officer of Dolphin Oilfield Equipment Services, talks to The Energy Year about the dynamics of the heat exchanger business in the UAE and…
READ MOREKhalid Al Jahwari, Petrofac’s Oman country manager, talks to The Energy Year about the company’s strategic approach to offering technology to clients and the energy…
READ MOREShafi Taleb Al-Ajmi, president and CEO of Kuwait Petroleum International (KPI), talks to The Energy Year about the company’s strategic operations and the importance…
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