MUSCAT: The Sultanate of Oman has quietly but firmly established itself as a reliable and significant player in the global LNG market. The latest 2024 World LNG Report from the International Gas Union, released last week, shows Oman's impressive strides and contributions to the global energy scene.
Last year, Oman exported 11.43 million tonnes (MT) of LNG, making up 3% of the world’s total LNG exports. This feat places Oman comfortably as the ninth-largest LNG exporter globally. Despite the market's ups and downs, Oman managed to increase its exports slightly from 2022’s figure of 11.29 MT, a testament to its resilience and strategic planning.
Oman’s LNG found its way to a variety of key markets, highlighting its crucial role in the global supply chain. The biggest share went to South Korea, which received 5.08 MT, followed by Japan with 2.19 MT, and China with 1.08 MT. India also received a fair share (0.88 MT), along with Thailand (0.63 MT) and Taiwan (0.41 MT). Even smaller volumes reached places like the Philippines, France, Spain, and Turkey, showcasing the breadth of Oman's market reach.
The report also shows how efficiently Oman’s liquefaction plants have been operating. In 2023, they ran at an impressive 110% utilisation rate. Oman’s three main liquefaction trains — Oman LNG T1, T2, and T3 Qalhat — combine for a capacity of 10.4 MTPA.
Using AP-C3MR liquefaction technology, these plants are known for their high reliability and performance. With T1 and T2 each boasting a capacity of 3.55 MTPA, and T3 Qalhat at 3.30 MTPA, Oman’s high utilisation rates highlight its strong operational capabilities and its ability to meet global LNG demand efficiently.
The 2024 World LNG Report also paints a broader picture of the global market. Currently, 20 exporting and 51 importing countries are connected through the LNG market. Supply limitations still loom large, influencing market growth. After two years of significant turbulence, the LNG market has found a new, albeit fragile, balance. Global LNG receiving capacity has grown significantly, hitting 1,029.9 million tonnes per annum (MTPA) by the end of February 2024, with nearly 70 MTPA added in 2023 alone, marking the highest year of new additions since 2010.
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