Muscat faces up to oil twilight
The Omani government’s focus is reluctantly shifting to managing output decline
State-controlled Petroleum Development Oman (PDO), producer of some two-thirds of Oman’s oil, announced In late May the near-completion of its flagship Yibal Khuff enhanced oil recovery (EOR) project. The tone was celebratory but could equally have been valedictory. The international energy landscape and the government’s fiscal position have shifted dramatically in the seven years since the scheme’s launch. It is hard to envisage either the parastatal or its foreign counterparts in the country’s upstream ever again embarking on such a costly, emissions-heavy venture for such a small output payoff. The sultanate’s energy minister, Mohammed al-Rumhy, openly conceded in an interview last month
Also in this section
20 January 2025
The country’s oil and gas giant, KazMunayGas, is pushing ahead with a series of significant international partnerships
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent