OMAN'S oil and gas industry is a cornerstone of the country's economy, contributing 72 per cent ON to its GDP. It not only drives economic growth but also fosters development stability and finances numerous government programs.
The industry has a 90 per cent Omanisation rate among its operating companies, while small and medium enterprises (SMEs) benefit from the sector's procurement spending, with approximately 16 per cent of the total value of purchases and tenders allocated to SMEs.
Investments in exploration and enhancing reserves are ongoing, with Oman's oil reserves increasing by 1 per cent to 4,971.1 million barrels and natural gas reserves standing at approximately 23.1 trillion cubic feet by the end of 2023.
Oman's crude oil reserves reached 4.971 billion barrels by the end of 2023, with 309.4 million barrels added through 15 development and 39 exploratory wells.
The Sultanate produced approximately 388.8 million barrels of crude oil and condensates, achieving an average daily production of 1.064 million barrels.
Oman's gas sector produced 48.553 million cu m of non-associated natural gas in 2023, up by 2.4 per cent from 2022.
Total gas production and imports increased by 1.3 per cent to 49.703 million cu m. The country has substantial gas reserves, with 23.114 trillion cu ft of nonassociated gas and 1.354 trillion cu ft of associated gas.
Leading that energy drive is OQ, the global integrated energy group, which plays a pivotal role in advancing Oman's oil and gas sector through strategic investments, innovative technologies, and sustainable practices.
OQ's efforts have been instrumental in enhancing exploration activities, increasing reserves, and optimising production processes, thereby ensuring the stability and growth of the industry.
GROWTH MILESTONES & OPERATIONAL EXCELLENCE
هذه القصة مأخوذة من طبعة July 2024 من Oil and Gas News.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 2024 من Oil and Gas News.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
MAINTCON to drive resilience in asset management
THE 7th International Maintenance, Reliability, and Asset Management Conference (MAINTCON 2024), being held from October 13-16 at Exhibition World Bahrain, is set to be a landmark event in the industry.
Honeywell, Samsung E&A to reduce power plant emissions
HONEYWELL and Samsung E&A have announced a joint marketing initiative to reduce carbon emissions in the global power plant sector. The initiative aims to combat climate change and align Honeywell's portfolio with three megatrends, including the energy transition.
New EPIC Flex Orbit System boosts downhole completion
GEODYNAMICS, a global leader in perforating, downhole completion, intervention, and wireline conveyed solutions, has launched its EPIC Flex Orbit Perforating System.
MHI upgrades its CO2MPACT series
MITSUBISHI Heavy Industries (MHI) has renewed its CO2MPACT series, a commercially available decarbonisation solution for various industries.
Viking Completion finishes gas project in Germany
VIKING Completion Technology, a leading supplier of well completion equipment and services, has completed a significant gas storage project in Germany.
Sanicro 35 alloy offers strong structural stability
ALLEIMA has introduced Sanicro® 35, a super austenitic alloy that bridges the gap between conventional stainless steels and higher-cost nickel alloys.
ROC is advancing energy with Congo LNG
THE Republic of the Congo (ROC) is making significant strides in its energy sector, with the successful start-up of its Congo LNG development and Moho Nord field expansion project.
ANPG and Sonangol launch Kwanza Basin campaign
ANGOLA'S National Oil, Gas & Biofuels Agency (ANPG) and national oil company Sonangol have launched a 45-day geological data acquisition campaign in the onshore Kwanza Basin to identify the country's largely unexplored hydrocarbon potential.
Namibia's O&G sector is Africa's next big play
NAMIBIA, a nation known for its stunning landscapes and abundant wildlife, is rapidly emerging as a top destination for oil and gas exploration and investment.
Fossil fuels revenue loss could cost Africa: Paper
IN a recent commentary, Dr Oramah, President and Chair of Afreximbank presented a nuanced view on the urgent need for climate action in Africa while acknowledging the continent's reliance on fossil fuels.
