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Last Updated: August 2009
Oman is a significant non-OPEC oil exporter. Oman’s economy is heavily reliant on oil exports for revenue, though diversification into natural gas production has mitigated this to a degree. Roughly two-thirds of Oman’s total energy consumption comes from natural gas and the remainder comes from oil, reflecting the country’s relative abundance of oil and natural gas reserves. Oman’s future domestic energy consumption plans call for increased use of natural gas in energy generation in order to free up more oil for export.
Though Oman’s enhanced oil recovery projects have stemmed Oman’s decline in production, the sustainability of the projects remains uncertain. According to Oil & Gas Journal, estimated proven oil reserves in Oman stood at 5.5 billion barrels (bbl) as of January 2009.
Oman Energy Data, Statistics and Analysis - Oil, Gas, Electricity, Coal
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Oman’s Ministry of Oil and Gas coordinates the state’s role in the country’s hydrocarbons sector, although all energy sector developments must receive approval from the Sultan of Oman. Petroleum Development Oman (PDO) accounts for more than 90 percent of the country’s oil reserves and 85 percent of production. Aside from the government’s 60 percent share, the PDO consortium includes Shell (34 percent), Total (4 percent), and Partex (2 percent). PDO is the leading oil producer in Oman, but several foreign companies are also involved in upstream activities, with Occidental Petroleum holding the largest market share. Oman’s government manages its investments in the downstream sector through the state-owned Oman Oil Company (OOC).
Oman’s oil production increased slightly in 2008, after a fairly constant state of decline from the total oil liquids peak of 970,000... [continues]
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