Sultanate ranked 2nd best Arab nation in resource governance

NEW YORK: The Sultanate was ranked second in the Arab world in the Resource Governance Index (RGI), 2017 which was published by New York-based Natural Resource Governance Institute (NRGI).
The report said the Sultanate oil and gas sector scored 50 of 100 points and ranks 39th among 89 countries in the 2017 Resource Governance Index (RGI). The sector’s overall performance is driven by a good enabling environment, scoring 76 of 100 points and ranking 12th in the index in this area.
The country has five billion barrels of proven oil reserves and 23 trillion cubic feet of gas reserves. The sector constitutes 62 per cent of the country’s total exports and extractive sector rents constitute 23 per cent of gross domestic product. — ONA