Oman Oil and Gas Market Size
|2020 - 2029
|Base Year For Estimation
|Market Size (2024)
|USD 4.36 Billion
|Market Size (2029)
|USD 4.93 Billion
|CAGR (2024 - 2029)
*Disclaimer: Major Players sorted in no particular order
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Oman Oil and Gas Market Analysis
The Oman Oil And Gas Market size is estimated at USD 4.36 billion in 2024, and is expected to reach USD 4.93 billion by 2029, growing at a CAGR of 2.40% during the forecast period (2024-2029).
- Over the medium term, the country's increasing oil and gas exploration, production activities, and infrastructure developments are expected to drive the market during the forecast period.
- On the other hand, the increasing adaption of alternate clean energy sources is expected to restrain market growth.
- Nevertheless, the increasing offshore exploration and production activities are expected to create significant opportunities in the market during the forecast period.
Oman Oil and Gas Market Trends
Upstream Sector to Dominate the Market
- The upstream segment focuses on exploring and producing oil and gas reserves. Oman is known for its significant hydrocarbon resources, and the upstream sector is responsible for identifying potential oil and gas fields, conducting exploration activities, and extracting valuable resources from the ground.
- The Omani economy heavily relies on the oil and gas sector, and the upstream segment is a key revenue generator. The exploration and production activities in the upstream industry contribute to the country's export earnings, government revenues, and overall economic growth. The sale of oil and gas resources on both domestic and international market generate significant income for Oman.
- In 2022, Omani oil production reached around 1,064 thousand barrels per day, representing a slight increase of 9.5% over the previous year. On the other hand, the country's natural gas production reached more than 42 billion cubic meters in 2022, recording a nearly 5% rise compared to the previous year.
- Moreover, to further increase the oil and gas production in the country in 2023, the Ministry of Energy and Minerals of Oman announced a bid round for three oil and gas exploration areas to lure domestic and international investors into carrying out seismic and drilling activities in Blocks 15, 36, and 54. Block 15 has tight gas within the acreage in the northern oil province.
- As of 2022, some critical assets in the Omani oil and gas exploration and production market are Block 6, Khazzan, Mukhaizna, Block 9, Wadi Aswad, Block 3 & 4, Abu Butabul, Karim small fields, Yumna, and Rima Cluster of Small Fields. Block 6 is the top field in the Omani oil and gas exploration and production market.
- Such developments in the upstream sector are expected to propel the Omani oil and gas market during the forecast period.
Increased Exploration Activities to Drive the Market
- Exploration activities are crucial for discovering new oil and gas reserves. By actively exploring new areas and utilizing advanced technologies, Oman may identify previously untapped hydrocarbon resources. The discovery of new reserves increases production potential, positively impacting the overall market.
- Production activities focus on maximizing oil and gas recovery from existing fields. By implementing advanced extraction techniques, such as enhanced oil recovery, fracking, and artificial gas lifts, Oman may increase the output from its existing field. This optimization may lead to higher production volumes and increased revenues for the country.
- In 2022, the country produced around 1,064 thousand barrels of crude oil. It has been ramping up exploration and undertaking multi-billion-dollar projects to increase hydrocarbon production in the country.
- For instance, in January 2022, the Oman Petroleum Ministry signed a USD 2 billion contract with Shell, OQ, and Marsa Liquefied Natural Gas for drilling wells and connecting production lines in the Mabrouk North field in Block 10. It is expected to increase gas production by 15 million standard cubic feet (SCF)/day.
- Additionally, exploration and production activities directly contribute to revenue generation. Increased production levels translate into higher sales volumes, generating more revenue for the country. The additional income may be utilized for economic development infrastructure projects and social welfare programs.
- Hence, the new oil discoveries would result in more exploration and production activities, positively impacting the Omani oil and gas market's growth.
Oman Oil and Gas Industry Overview
The Omani oil and gas market is semi-consolidated. Some key players (in no particular order) include BP PLC, Shell PLC, Eni SpA, Oman Oil Marketing Company SAOG, and China National Petroleum Corporation.
Oman Oil and Gas Market Leaders
China National Petroleum Corporation
Oman Oil Marketing Company SAOG
*Disclaimer: Major Players sorted in no particular order
Oman Oil and Gas Market News
- April 2023: Masirah Oil, a subsidiary of Singapore-headquartered independent Rex International, announced to explore its flagship asset offshore Oman, with its sights set on a production boost from the block 50 purchases. In addition, a block-wide review of exploration potential would be performed. Based on the results of an exploration review at Block 50, planning for acquiring additional targeted seismic would be implemented.
- March 2023: The Omani Ministry of Energy & Minerals offered domestic and international investors three oil and gas exploration areas as part of its latest licensing round. The tracts offered blocks 15, 36, and 54, where multiple companies have conducted seismic and drilling activities.
- January 2023: Shell Integrated Gas Oman BV, a subsidiary of Shell PLC, announced the beginning of gas production from the Mabrouk North Eastfield in Block 10 in Oman. Production from Block 10 is expected to touch 0.5 billion standard cubic feet of gas per day (bscf/d) by mid-2024, with the produced gas supplied to Oman's gas network that feeds local industries.
Oman Oil and Gas Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Refinery Installed Capacity and Forecast in Thousand Barrels Per Day, Till 2028
4.2 Oman Oil and Gas Capex Market, in USD, Till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
18.104.22.168 Increasing Gas Production and Infrastructure
22.214.171.124 Increasing Exploration and Production Activities
126.96.36.199 Increasing Adoption of Clean Power Sources
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION - BY SECTOR
188.8.131.52 Key Upcoming and Existing Projects
184.108.40.206 Key Upcoming and Existing Projects
5.2.1 Crude Transportation
220.127.116.11 Key Upcoming and Existing Projects
5.2.2 LNG Terminal and Storage
18.104.22.168 Key Upcoming and Existing Projects
22.214.171.124 Key Upcoming and Existing Projects
5.3.2 Petrochemical Plants
126.96.36.199 Key Upcoming and Existing Projects
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Petroleum Development Oman
6.3.2 Shell PLC
6.3.3 Oman Oil Marketing Company SAOG
6.3.4 Masirah Oil Limited
6.3.5 Occidental Petroleum Corporation
6.3.6 Eni SpA
6.3.7 BP PLC
6.3.8 Total SA
6.3.9 China National Petroleum Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Offshore Oil and Gas Exploration And Production
Oman Oil and Gas Market Research FAQs
How big is the Oman Oil and Gas Market?
The Oman Oil and Gas Market size is expected to reach USD 4.36 billion in 2024 and grow at a CAGR of 2.40% to reach USD 4.93 billion by 2029.
What is the current Oman Oil and Gas Market size?
In 2024, the Oman Oil and Gas Market size is expected to reach USD 4.36 billion.
Who are the key players in Oman Oil and Gas Market?
BP Plc, Eni SpA, China National Petroleum Corporation, Shell PLC and Oman Oil Marketing Company SAOG are the major companies operating in the Oman Oil and Gas Market.
Oman Oil & Gas Industry Report
Statistics for the 2024 Oman Oil And Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oman Oil And Gas analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.