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
This story is from the July 2024 edition of Oil and Gas News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2024 edition of Oil and Gas News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Expertise offers a one-stop solution for industrial sector
The leading Saudi industrial services provider is expanding into new sectors and leveraging its 400,000 sq m terminal in Jubail to drive innovation in critical industries, aligning with Vision 2030 and sustainability goals
African energy sector resilient amid upstream challenges
Despite the African upstream oil and gas sector seeing a 75 per cent drop in deal value to 3 billion in 2023, companies are keen to expand portfolios and explore new opportunities
SANKYU blends global expertise and local roots in Saudi Arabia
The leading plant engineering and logistics provider is advancing KSA's industrial sector through technological innovations and localisation, aligning with Vision 2030 and promoting sustainability and local talent
The unseen challenge of copper mining and vehicle electrification
The green energy transition relies on copper, posing supply challenges that require better recycling, alternative materials, advanced mining technologies, and global policy collaboration to meet rising vehicle electrification demands
Corrosion in the oil and gas industry: A costly challenge
Corrosion in the oil and gas industry demands robust management strategies to mitigate significant financial and environmental impacts, ensuring the longevity and integrity of critical infrastructure
OQ's $245m project to enhance South Gas Grid
OQ Gas Networks is enhancing Oman’s South Gas Grid with a 245 million project involving the installation of two loop lines to increase capacity and efficiency, with 90 per cent completion and a targeted finish by Q4 2024
Reliable pipeline protection with J22 moisture analyzer
In comparison to traditional techniques of moisture measurement, the Endress+Hauser J22 moisture analyzer offers continuous, reliable moisture measurement for increased safety and asset integrity, Anand Jeevakaruniyam, Business Development Manager, Optical Analysis, tells OGN
Oman poised to lead with green hydrogen ambitions
Oman is leading an ambitious green hydrogen strategy, targeting substantial production increases and economic diversification by leveraging its renewable resources, strategic location, and significant investments
OMAN'S ENERGY SECTOR FUELS ECONOMIC GROWTH
The Sultanate's oil and gas sector is vital, contributing 72 per cent to GDP and achieving a 90 per cent Omanisation rate. Meanwhile, investments by OQ have increased reserves and production, driving economic stability and growth
FOSSIL FUEL USE HITS RECORD IN POWER-HUNGRY WORLD
In a landmark report, the Energy Institute (EI) has painted a vivid picture of an energy-hungry world grappling with record consumption levels, burgeoning renewable energy generation, and the persistent challenge of fossil fuel dependency.
