According to the annual report of the Ministry of Energy and Minerals, and the data published by the Omani newspapers and Oman Today, the Sultanate of Oman achieved several positive indicators in various sectors under the Ministry of Energy and Minerals in 2024. In the oil and gas sectors, total reserves of crude oil and condensates reached approximately 4 billion and 825 million barrels, while natural gas reserves reached 23.3 trillion cubic feet.

The number of producing fields in the Sultanate of Oman reached 475, including 400 oil fields and 75 gas fields. Exploration and producing companies drilled, tested, and evaluated 73 exploratory wells, distributed among 54 oil wells and 19 gas wells.

The annual report of the Ministry of Energy and Minerals indicated that the Sultanate of Oman, thanks to strategic guidance and balanced policies, was able to maintain stable production levels in the oil and gas sectors. The average daily production of crude oil and condensates during the past year 2024 reached approximately 992,600 barrels. Oman’s crude oil and condensate exports in 2024 reached approximately 308.4 million barrels, while the average price of Omani oil was $80.79 per barrel.

As for natural gas, the average daily production reached approximately 149.2 million cubic meters, including 117.5 million cubic meters of non-associated gas and 31.7 million cubic meters of associated gas. Liquefied natural gas exports reached 12 million tons through 181 shipments.

The Ministry of Energy and Minerals also paid great attention to developing the refining and petrochemical industry through continuous support to partners in the sector. 122 million barrels of petroleum products were exported, most notably gas oil, jet fuel, and naphtha, while the volume of imported products reached approximately 2 million barrels. This reflects the growing reliance on local production and increased efficiency across the value chain.

The year 2024 witnessed pioneering steps to consolidate the Sultanate of Oman’s position as a regional hub for renewable energy and green hydrogen. Oman signed eight major hydrogen production agreements, five of which were in Al Wusta Governorate and three in Dhofar Governorate.

The electricity and renewable energy sectors also witnessed remarkable growth. Total electricity production last year reached approximately 49.1 terawatt-hours, a 9% increase over 2023. Natural gas constituted the primary source of production, accounting for 91% of the total. Energy production from renewable sources, including solar and wind energy, reached approximately 2.4 terawatt-hours, reflecting progress in diversification plans.

The Ministry of Energy and Minerals is moving forward with the implementation of major projects, such as the North Solar Energy Project, the Wind 1 and Wind 2 projects, and the Manah 1 and 2 projects, with a total capacity of 1,000 megawatts. Production is expected to commence between 2025 and 2026. These projects will contribute to reducing emissions by more than 1.4 million tons annually.

In the minerals sector, total mineral ore production reached approximately 67.7 million tons, with sales reaching 62.5 million tons, valued at over OMR 114.3 million. Approximately 36 million tons of raw materials were exported, primarily gypsum, limestone, and building materials. The Ministry continues to develop its digital licensing system to facilitate investment procedures and enhance transparency.

Over the past year, several strategic projects in the mining sector were launched, including the Al-Ghaizain copper extraction project, with an initial cost of OMR 43 million. The Al-Washhi project in Al-Mudhaibi Governorate, which is scheduled to begin exporting its products in 2024, are positive indicators of growing investment confidence in the national mining sector.

The Omanization rate in the oil and gas sectors reached 89%, and in the mining sector 23%. This is also reflected in unprecedented levels achieved by major companies such as Petroleum Development Oman, which exceeded 90% Omanization and employed more than 1,400 Omanis by 2024.

Regarding enhancing local content, spending on small and medium-sized enterprises in the energy sector amounted to approximately $1.8 billion, representing 17.2% of total spending.