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Oman Overview

Oman

in figures

Oil Reserves5.4 billion barrels

Oil Production971,000 bopd

Gas Reserves700 bcm

Gas Production32.3 bcm

Oman: Diplomacy, Downstream and the Solar Drive

Oman has recently seen back-to-back record years for oil output, with production hovering around the 1-million-bopd mark – a landmark target first reached in 2016.

However, situated amid the world’s most prolific hydrocarbons region, Oman stands out not for its volume of resources but for its skilful application of technology. Under the oversight of the Ministry of Oil and Gas, the hydrocarbons industry has overcome Oman’s challenging geology and explored the entire country – resulting in the discovery of approximately 200 fields, mostly in the Gulf. As the country’s reserves mature, advanced EOR techniques such as steam injection and polymer flooding are being developed and applied by companies such as Petroleum Development Oman, increasingly in combination with renewables as a power source.

GlassPoint Solar is constructing a solar steam generation plant for PDO near the Amal oilfield that, with a capacity of 1 GW, will be among the world’s largest solar parks. Solar is taking on a growing role in the country’s power generation, from PDO’s 100-MW Amin project, which came on line in May 2019, to the 1.1-GW Manah project, set to come on line in 2021.

While oil has formed the basis of economic growth, natural gas has emerged in recent years as a driver of nascent industries. With focus shifting towards the exploration and production of non-associated shale gas, mid-sized companies are looking to capitalise on Oman’s unconventional energy resources.

Oman sees major downstream projects as a buffer against future crises for a country strongly affected by the oil price cycle. Centred in the strategic growth areas of Sohar, Duqm and Salalah, these projects will deepen Oman’s footprint in petrochemicals, plastics and LNG, while creating job growth and greater opportunities for investment.

The Energy Year Oman 2020 is currently under production, and will provide comprehensive insights on the country’s energy industry. Our last report, The Oil & Gas Year Oman 2018, offers in-depth coverage of the full hydrocarbons value chain, from E&P to the midstream, downstream, power generation, oilfield services, finance and engineering and construction sectors.

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