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Oman’s oil sector received $12bn investment in 2024

By Nadim Kawach
A drilling rig in the Khazzan gas field in Oman, which is operated by BP BP
A drilling rig in the Khazzan gas field in Oman, which is operated by BP

Oman says nearly RO5 billion ($12 billion) was pumped into its hydrocarbon sector last year as it pushed ahead with plans to expand production capacity and boost reserves.

By the end of 2024, cumulative investment in the sultanate’s hydrocarbon industry totalled around RO24 billion ($62 billion), up from RO19 ($50 billion) at the end of 2023, according to the National Centre for Statistics and Information.

A large part of the investments were channelled by foreign oil companies with interests in Oman including British Petroleum, Shell and Italy’s ENI. Shell has a 34 percent stake in Petroleum Development Oman, alongside TotalEnergies, which has 4 percent.

BP has had a presence in the sultanate since 2007. It operates the Khazzan tight gas project and in 2023 signed an agreement to develop a green hydrogen project in Al-Wusta province.

Last week, the ministry of energy and minerals offered further concessions in Block 18 in the Sea of Oman, Block 36, Block 43 and Block 66 onshore, according to the director general of investment.

Oman produced nearly 992,000 barrels per day in 2024. It controls around 5.2 billion barrels of proven oil deposits and 25 trillion cubic feet of gas.

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