MUSCAT, JULY 5
The Sultanate of Oman’s energy industry continues to flourish, evidenced by the substantial number of productive fields and impressive figures in production and exports.
Per a recently published Annual Report 2022, Oman boasts a total of 380 productive fields, comprising 325 oil fields and 55 gas fields. These fields serve as the backbone of the nation's energy sector, contributing to its economic growth and development.
On a daily basis, Oman achieved an average production of 1.064 million barrels of crude oil and condensates, consolidating its position as a key global oil producer. The oil and gas sector in Oman achieved 89% Omanisation, the report added.
The average price of Omani crude oil for 2022 stood at an impressive $95.26 per barrel, underlining the quality and value of the country's petroleum resources. This favourable pricing enabled Oman to generate substantial revenue from its oil exports, contributing significantly to its economy.
Moreover, Oman's refining capabilities are noteworthy. The Mina Al Fahal and Sohar refineries collectively produced a total of 220.5 million barrels of petroleum products last year. These refineries play a vital role in transforming crude oil into various refined products such as gasoline, diesel, and jet fuel. The consistent output from these refineries caters to both domestic consumption and international demand.
In terms of exports, Oman has established itself as a major player in the global energy market. In 2022, Oman exported a total of 317.98 million barrels of crude oil and condensates, showcasing its ability to fulfill international demand.
Additionally, Oman has also made significant strides in the liquefied natural gas (LNG) sector. The country exported 22.5 million metric tonnes of LNG last year, further diversifying its energy portfolio. Expanding LNG exports contribute to Oman's economic diversification goals, tapping into the growing demand for cleaner and more sustainable energy sources.
China, one of the largest energy consumers globally, has emerged as the top importer of Oman crude oil. The nation accounted for a staggering 81.7% of Oman's total energy exports, highlighting the strong trade relationship between the two countries.
Oman's energy sector extends beyond oil and gas production. The average production of natural gas stands at an impressive 137.3 million cubic meters, further solidifying Oman's position as a major natural gas producer. In addition, the country produces 874,000 metric tonnes of LPG, catering to both domestic and international markets.
With natural gas reserves totaling 24 trillion cubic feet, Oman's energy potential remains significant. These reserves provide a substantial resource base for future exploration and production activities.
In terms of reserves, Oman as of 2022 possesses a total of 4,905 million barrels of crude oil and oil condensates.
As of last year, there were a total of 68 exploratory and evaluation wells, 56 of which are oil wells and 23 are gas wells. Also in 2022, the country witnessed the signing of one new agreement for the exploration for oil and gas.
The success of Oman's energy sector can be attributed to its commitment to innovation, technological advancements, and strategic partnerships. The country has made significant investments in infrastructure, exploration, and production to ensure the sustained growth of its energy industry. The government's efforts to attract foreign investments and promote collaboration with international energy companies have also played a crucial role in achieving these remarkable milestones.
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