MUSCAT: Oman’s Ministry of Energy and Minerals reported steady oil and gas production in 2024 while advancing renewable energy and green hydrogen initiatives. Crude oil and condensate reserves reached 4.825 billion barrels, with natural gas reserves at 23.3 trillion cubic feet. The country operated 475 production fields—400 oil and 75 gas—and drilled 73 exploratory wells. Daily oil output averaged 992,600 barrels, with exports totalling 308.4 million barrels at an average price of $80.79.
Natural gas production averaged 149.2 million cubic metres per day, including 117.5 million from non-associated sources. LNG exports reached 12 million tonnes via 181 shipments. Oman also exported 122 million barrels of petroleum products, mainly gas oil, jet fuel, and naphtha, with only 2 million barrels imported—showcasing stronger local production capabilities.
The Ministry signed eight hydrogen production agreements and reported 2.4 terawatt-hours of renewable electricity generated, contributing to the total electricity output of 49.1 terawatt-hours. Major solar projects—including Manah 1 and 2—will add 1,000 megawatts by 2026, reducing emissions by 1.4 million tonnes annually.
In mining, Oman produced 67.7 million tonnes of minerals and exported 36 million tonnes. Investment in strategic projects like Al-Ghaizain and Al-Washhi copper developments reflects growing confidence in the sector. Omanisation in oil and gas reached 89 per cent, while SME spending in the sector hit $1.8 billion—17.2 per cent of total expenditure. — ONA
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