The strong headwinds of 2017 in Oman’s oil and gas sector have spurred the authorities to develop new sources of revenue. Despite recovering to 2015 levels of $55 a barrel, the steep fall in prices that saw Omani crude fall from $103 per barrel in 2014 to $40 in 2016 has squeezed state finances and added urgency to diversification efforts. On the back of a drop in crude output – following an...
Oman Energy
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The effects of lower oil prices continue to be felt in Oman, with budget cuts and spending rationalisation still in evidence across the board. However, higher commodity prices in late 2017 and into early 2018 should provide a welcome boost to state revenues.
Oman is seeking to enhance its upstream gas segment to supply growing demand, with major upcoming projects expected to help achieve this goal.
Articles & Analysis | Oman's LNG producers bracing themselves for a tax hike from The Report: Oman 2017
As part of a broad series of austerity measures aimed at plugging the sultanate’s growing budget deficit, a joint council of the State Council and the Majlis Al Shura – both advisory bodies appointed by the sultan – voted on May 26, 2016 to increase the corporate tax rate on liquefied natural gas (LNG) firms from 15% to 55%. The new raft of...
Articles & Analysis | A host of logistics projects set to boost Oman's international standing in the energy sector from The Report: Oman 2017
The uncertainties surrounding global oil production and price have done little to suppress interest in liquid bulk storage and hydrocarbons logistics projects in Oman. Across the sultanate hundreds of kilometres of pipeline are being laid, and new facilities for gas and oil storage and export are coming on-stream. At the same time, low oil...