Richard Edwin, CEO of Erith Group, talks to The Energy Year about how the group’s activities support the UAE’s vision for local manufacturing, as well as the…
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
Tethys Oil has successfully drilled the Menna-1 exploration well in preparation for the field development plan of Block 56 in…
READ MOREKarol Mathias, executive vice-president and partner at Khalil Bahman & Partners, talks to The Energy Year about the company’s…
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READ MORETareq Qaddumi, CEO of SPETCO, talks to The Energy Year about the company’s contribution to KOC’s production increase drive…
READ MOREHuseyn Tarek, regional president of INTECH Process Automation, talks to The Energy Year about digitalisation in industrial plant…
READ MOREChristopher Seymour, Mott MacDonald’s head of strategy and investment for the Middle East, Africa and South Asia, talks to The…
READ MORE<a href="https://staging.staging.theenergyyear.com/companies-institutions/opec/”>OPEC+ members have agreed to oil production cuts totaling 2.2 million bopd…
READ MOREIn what will be a first for Oman, Petroleum Development Oman (PDO) announced on Wednesday that it will begin an extended pilot using CO2 for enhanced oil…
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