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Oman LNG posts revenue of $3.278 bn in 2021

Strong growth: Strategic projects to boost output to record 11 million tonnes per annum upon completion

MUSCAT: Oman LNG, owned 51 per cent by the Omani government, has posted revenue totalling $3.278 billion for 2021, representing a 31 per cent increase over the corresponding figure for 2020. The upsurge came amid robust international prices for natural gas and the gradual recovery of the global energy sector, Oman News Agency (ONA) said.

The company's annual report indicated that net income for the company by the end of 2021, after tax, increased by 34 per cent to $886 million from $663 million by the end of 2020.

The LNG sector has boosted government gas revenues to nearly $2.873 million over the past year, the report said.

Talal bin Hamed al Oufi (pictured), Chairman of Oman LNG, said the company has shown its full readiness and flexibility to adapt to exceptional circumstances during the past period and to meet all the challenges and difficulties to carry out its business at the highest levels.

He pointed out that during 2021 the company achieved high positive results in revenues and net income close to those achieved in the years leading up to the pandemic.

Oman LNG intends to work with several partners to promote and develop the country’s energy sector, where it continued to perform positively during 2021, despite challenges in the energy industry worldwide, achieving more than 10 million hours of work without any time-consuming injury, equivalent to 688 working days as a result of its concern and concern for employees, the environment and communities close to its operations.

The company carried out a number of strategic projects and periodic maintenance of its liquefaction trains, which included a large number of employees and contractors who worked around the clock to ensure successful operations.

During 2021, Oman LNG continued to advance on several strategic projects nearing completion to enhance productivity, such as the plant renovation project, the train productivity upgrade project and the modern gas turbine project to increase efficiency.

Early results from these projects contributed to record levels of LNG output, which totalled 10.6 million metric tonnes in 2021 compared to 10.2 million tonnes in 2020. LNG output is anticipated to reach over 11 million metric tonnes after the completion of strategic projects at Qalhat.

In the field of shipping and marketing, the total number of LNG shipments delivered to LNG customers worldwide by the end of 2021 was 163, consisting of 119 shipments for Oman LNG and 44 shipments for Qalhat LNG. Shipments of natural gas liquids (NGLs) totalled 30. These shipments were lifted by refineries of OQ Group. — ONA

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