Energy

Almost 50 years after it began shipping oil out of the port at Mina Al Fahal, the sultanate’s economy remains closely tied to the fortunes of hydrocarbons, which in 2015 accounted for 33.9% of GDP, 78.7% of state revenues and 59.4% of goods exports. Although 2015 was challenging for the nation’s oil and gas sector, the government is expected to keep crude production near its current level of 1m barrels per day through to at least 2020, and sector activity is thus likely to remain fairly constant despite the downturn. The sultanate’s underexploited offshore areas and attractive business environment meanwhile continue to offer opportunities for international oil and gas firms. This chapter contains an interview with Chris Breeze, Country Chairman, Shell Oman.