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.
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