Middle East / Africa
Country profile: Oman
|Location:||Middle East, bordering the Arabian Sea, Gulf of Oman, and Persian Gulf, between Yemen and UAE|
|Climate:||dry desert; hot, humid along coast; hot, dry interior; strong southwest summer monsoon (May to September) in far south|
|Terrain:||central desert plain, rugged mountains in north and south|
|Size:||212460 sq. km total (Land area: 212460 sq. km )|
|Languages:||Arabic (official), English, Baluchi, Urdu, Indian dialects|
|Legal system:||based on English common law and Islamic law; ultimate appeal to the monarch; has not accepted compulsory ICJ jurisdiction|
|Currency:||Omani rial (OMR)|
Oman’s economy is heavily reliant on oil revenues, which account for about 75 percent of the country’s export earnings and 40 percent of its gross domestic product (GDP). During 2006, Oman’s real GDP grew at an estimated rate of 4.2 percent, down from 5.7 percent in 2005. The slowdown in economic growth occurred largely as a result of declining oil production in Oman. To help offset these declines, the government has devoted considerable resources to new exploration and production activities, enhanced oil recovery projects, and introduced policies aimed at diversifying the country’s economy away from the oil sector.
The development of natural gas reserves in Oman is a central part of this effort, and natural gas production is likely to expand considerably during the next several years. All of Oman’s domestic energy consumption is supplied by natural gas and oil, reflecting the country’s relative abundance of oil and natural gas reserves.
Energy production and consumption
|Production:||740,000 bbl/day (2006 est.)||18 billion cu m (2005 est.)|
|Consumption:||66,000 bbl/day (2006 est.)||8 billion cu m (2005 est.)|
|Exports:||733,100 bbl/day (2006 est.)||10 billion cu m (2005 est.)|
|Imports:||15,440 bbl/day (2006 est.)|
|Reserves:||4 billion bbl (2007 est.)||795 billion cu m (1 January 2006 est.)|
Oman - recent news
|01 Dec 23
||Oman: Maha Energy exits Block 70 in Oman
Maha Energy has announced the divestment of its 65% working interest in Block 70, Oman, to Mafraq Energy. Mafraq Energy is partner in the Block with a 35% working interest. The consideration amounts up to USD 14 million. Mafraq Energy will be responsible for the project and cover all costs as from December 1st, 2023.
|02 Nov 23
||Oman: TotalEnergies extends partnership with Oman LNG
TotalEnergies has signed an amendment to extend its partnership with Oman LNG, an Omani liquefied natural gas (LNG) joint venture in which the Company holds a 5.54% stake.
|23 Oct 23
||Oman: Shell signs shareholder’s agreement to extend partnership for Oman LNG
Shell Gas, a subsidiary of Shell, and partners in the Oman LNG venture signed an amended shareholders’ agreement for Oman LNG extending the business beyond 2024. Oman LNG in turn signed various agreements to secure its gas supply until 2034.
|17 Sep 23
||Oman: Maha Energy granted an extension of the Initial Phase of the EPSA for Block 70 onshore Oman
Maha Energy has been granted by the Ministry of Energy and Minerals of the Sultanate of Oman ('MEM') an extension of the Initial Phase of the Exploration and Production Sharing Agreement ('EPSA') for Block 70 -- located onshore Oman.
|02 Aug 23
||Oman: Maha Energy announces results of Block 70 production test and requests extension of the Initial Phase
Maha Energy has announced the results of the initial short-term production test on Block 70 in the Sultanate of Oman. All eight production wells drilled in the 2022/2023 drilling program were tested for short term and five produced oil to surface at an initial estimated average rate of 300 barrels of oil per day per well, while three had to be suspended after producing water and gas but before producing any oil.
Oman - more news
Other countries in this region
- Central Africa Republic,
- Congo (Brazzaville),
- Congo (Democratic Rep.),
- Cote d'Ivoire,
- Equatorial Guinea,
- Guinea (Republic),
- Guinea Bissau,
- Sao Tome,
- Saudi Arabia,
- Sierra Leone,
- South Africa,
- South Sudan,
- United Arab Emirates,
- Western Sahara,