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Oman: Oman’s LNG reserves rose by 7% to 24 trillion cubic feet in 2022 compared to the previous year. The Ministry of Energy and Minerals’ annual report stated that crude oil and condensate oil reserves were expected to reach 4,905 million barrels by the end of 2022.

Eighteen companies were operating in oil and gas exploration while 37 were operating in production concession areas last year. Additionally, crude oil and condensate exports totaled approximately 318 million barrels, with China being the top importer at 81.7%.

Moreover, a new petroleum agreement was signed between the Ministry and Shell Integrated Gas Oman, with an initial investment of $105 million. Oil production in Oman increased by 9.6% in 2022, averaging 1.64 million barrels per day. Natural gas production, including imports, reached 52.61 billion cubic meters, with a daily average of 142.6 million cubic meters.

The average price of Omani crude oil in 2022 saw a 48% increase from the previous year. Electricity production in 2022 was about 41.8 terawatt-hours, with natural gas contributing 92% and solar energy production growing by 138%.

The minerals sector experienced a 2% decrease in exports, amounting to around 36.5 million tonnes of mineral ores. Gypsum and dolomite ore exports increased, while the number of mining licenses issued was three, with 18 exploration licenses.

Furthermore, efforts were made to regulate the hydrogen sector and promote energy transition plans. The Ministry focused on local company participation, with 242 contracts awarded through electronic bidding. Notable energy projects inaugurated in 2022 included the OQ liquefied petroleum gas plant in Salalah and the Ibri solar energy project.

The Ministry of Energy and Minerals emphasized social responsibility, directing companies to allocate budgets for joint projects and initiatives. They also aimed to strengthen Oman’s role in energy transition and achieve zero carbon neutrality by 2050.