iMetal

The Sultanate's oil and gas sector is vital, contributing 72 per cent to GDP and achieving a 90 per cent Omanisation rate. Meanwhile, investments by OQ have increased reserves and production, driving economic stability and growth
Oman's oil and gas industry is a cornerstone of the country's economy, contributing 72 per cent to its GDP. It not only drives economic growth but also fosters development stability and finances numerous government programmes.
The industry has a 90 per cent Omanisation rate among its operating companies, while small and medium enterprises (SMEs) benefit from the sector’s procurement spending, with approximately 16 per cent of the total value of purchases and tenders allocated to SMEs.
Investments in exploration and enhancing reserves are ongoing, with Oman’s oil reserves increasing by 1 per cent to 4,971.1 million barrels and natural gas reserves standing at approximately 23.1 trillion cubic feet by the end of 2023.
Oman’s crude oil reserves reached 4.971 billion barrels by the end of 2023, with 309.4 million barrels added through 15 development and 39 exploratory wells.