Oman E&P Special Report

These trends are reflected in the mix of companies still operating in Oman, catalogued block by block in GSN’s new E&P update, which records the retreat of independents and minnows, which has left open blocks or investment opportunities for often little-known local companies, shown in the Oman hydrocarbons map. The Ministry of Energy and Minerals’ first upstream licensing round since the pandemic, offering three open blocks, is intended to reignite interest in less-explored corners.

Business-minded Sultan Haitham Bin Tariq Al-Said’s determination to revitalise the sector has led to institutional reforms, with the creation of Energy Development Oman – whose interim chief executive Haifa Al-Khaifi is raising money to fund new developments – and the Oman Oil Company and Orpic groups’ difficult merger to create OQ.

OQ has also raised funds abroad, with a $2bn global medium term note programme under way, as it works to become a “large-scale national champion”. OQ’s founding chief executive Musab Abdullah Al-Mahrouqi resigned in January as the scale of Covid-era losses became clear. New group CEO Talal Al-Aufi is getting rid of non-core and under-performing subsidiaries as OQ looks to implement major developments and to find partners.