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29 March 2024

Oman sees $110bn investment in oil sector in 10 years

Published

Oman expects up to $110 billion to be injected into its hydrocarbon industry in the next 10 years and a large part of the funds will be pumped by the private sector, a senior Omani oil official was quoted on Thursday as saying.

Nassir bin Khamis Al Jashmi, oil ministry undersecretary, said the country had already identified 53 projects worth around $64 billion in the hydrocarbon sector, adding that 15 projects would soon be presented to the private sector.

He told an oil conference in Muscat on Wednesday that massive investment opportunities in the oil sector had been pinpointed by a committee created by the oil ministry and relevant departments in 2012 to evaluate needed ventures.

“The committee found that the total expected investment in the oil and gas sector will be between $110 -110 billion over a period of 10 years…this means an average $10 billion every year,” he said, according to the Arabic language daily Al Watan.

“There are now 15 real investment opportunities for the private sector in the oil and gas industry. These projects are part of a series of 53 investment opportunities worth $64 billion to be announced in the next period.”

Al Jashmi said the investments are intended to expand the hydrocarbon sector’s contribution to GDP from 18 to 32% by 2020 and to create 10,000-15,000 jobs.

Oman, which is not an OPEC member, currently produces around one million barrels per day of oil and 10 million tonnes of LNG per year. It controls about 5.5 billion barrels of proven crude deposits and 20 trillion cubic feet of natural gas.

(53 projects worth $64bn have been identified and a large part will be for the private sector)
 
Oman expects up to $110 billion to be injected into its hydrocarbon industry in the next 10 years and a large part of the funds will be pumped by the private sector, a senior Omani oil official was quoted on Thursday as saying.

Nassir bin Khamis Al Jashmi, oil ministry undersecretary, said the country had already identified 53 projects worth around $64 billion in the hydrocarbon sector, adding that 15 projects would soon be presented to the private sector.

He told an oil conference in Muscat on Wednesday that massive investment opportunities in the oil sector had been pinpointed by a committee created by the oil ministry and relevant departments in 2012 to evaluate needed ventures.

“The committee found that the total expected investment in the oil and gas sector will be between $110 -110 billion over a period of 10 years…this means an average $10 billion every year,” he said, according to the Arabic language daily Al Watan.

“There are now 15 real investment opportunities for the private sector in the oil and gas industry. These projects are part of a series of 53 investment opportunities worth $64 billion to be announced in the next period.”

Al Jashmi said the investments are intended to expand the hydrocarbon sector’s contribution to GDP from 18 to 32% by 2020 and to create 10,000-15,000 jobs.

Oman, which is not an OPEC member, currently produces around one million barrels per day of oil and 10 million tonnes of LNG per year. It controls about 5.5 billion barrels of proven crude deposits and 20 trillion cubic feet of natural gas.