Maqbool Al Wahaibi, CEO of Oman Data Park (ODP), talks to The Energy Year about the company’s game-changing role in Oman’s IT sector, its work in providing cloud…
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 MOREHamed Al Naamany, CEO of Oman LNG, talks to The Energy Year about the ongoing reshaping of the global LNG market and the company’s strategy for navigating it. Oman…
READ MOREH.E. Mohsin Al Hadhrami, undersecretary of Oman’s Ministry of Energy and Minerals, talks to The Energy Year about the state of Oman’s oil and gas sector, how the…
READ MORETotalEnergies has posted adjusted profits of USD 6.5 billion in Q1 2023 on the back of lowered commodity prices, the French energy giant announced on…
READ MORESteve Phimister, managing director of Petroleum Development Oman (PDO), talks to The Energy Year about the company’s production goals and strategy to lead Oman’s…
READ MOREKhalid Al Busaidi, CEO of Heavy Equipment Maintenance and Trading (HEMT), talks to The Energy Year about the company’s key services and innovative sand management…
READ MOREOskar Lienemann, managing director of Arva Greentech, talks to The Energy Year about how the company’s technology brings innovation to the field of hydrocarbon…
READ MOREWael Ojjeh, chairman of the board of Green Lands, and Dr. Muhammed Askaf, the company’s general manager, talk to The Energy Year about Green Lands’ cutting-edge…
READ MORETurkiya Al Hasni, CEO of National Training Institute (NTI), talks to The Energy Year about how the training landscape in Oman’s oil and gas sector has been evolving…
READ MORENaif Al Awaid, group CEO of Kunooz Oman Holding, talks to The Energy Year about opportunities arising in Oman’s mining sector and how the group’s diversity gives it…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
- Do you have a question for The Energy Year about oil and gas?
- If we know, we’ll tell you.
- If not, we’ll ask the experts in the field.