MUSCAT, JUNE 16 – Petroleum Development Oman (PDO) says it has embarked on a strategy to monetise natural gas that would otherwise be flared as part of its normal operations across its sprawling concession. For every 1,000 tonnes of hydrocarbon produced last year, the majority government-owned energy producer flared 17.91 tonnes of gas — representing a 22 per cent jump over flared volumes in 2017. The uptick, coming despite a vigorous flaring reduction programme, was primarily attributed to “equipment failures"...

The Financial Affairs and Energy Resources Council met at the Ministry of Finance under the chairmanship of Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of the council. The council reviewed latest global economic situation and its impact on the national economy and public finances, including slowdown in global economic growth. It also reviewed latest developments in oil prices and future trends, as well as the decline in oil prices since mid-May till date and the consequences"...

The Financial Affairs and Energy Resources Council (FAERC) held on Tuesday the fourth meeting of this year 2019 at the Ministry of Finance in Muscat chaired by Darwish bin Ismail bin Ali Al Balushi, Minister Responsible for Financial Affairs and Deputy Chairman of FAERC.

The Council reviewed the latest developments in the global economic situation and their impact on the national economy and public finances, including the slowdown in global economic growth.

It also reviewed the latest developments"...

Muscat, June 10 – SAJ Investments, a well-diversified Omani business house, has announced the acquisition of HEMA Energy, an Omani oilfield services company. An agreement to this effect was signed by Shaikh Nasser bin Amer al Hosni, CEO, SAJ Investments, with Eng Eyhab bin Adnan al Hajj, Group Managing Director, HEMA Energy. The Board of Directors of HEMA Energy welcomed the appointment of Shaikh Nasser bin Amer al Hosni as Chairman of the new Board.
In a statement, Al Hosni said the acquisition of HEMA Energy"...

SALALAH, June 3 – In a major boost to healthcare delivery in Dhofar, Oman Liquefied Natural Gas Company (Oman LNG) signed an agreement with the Ministry of Health (MoH) on Sunday to provide dialysis equipment to Taqah Hospital to take care of the immediate needs of the patients suffering from renal failure. The dialysis unit in the hospital would have 12 beds, according to the agreement signatories, would be done on priority basis as Oman LNG showed eagerness to do it as soon as possible.
“Likely by the"...

The price of Oman Crude Oil Futures Contract on the Dubai Mercantile Exchange (DME) slumped to $60.40 per barrel yesterday, losing more than $10 per barrel over the past fortnight days, in trend with plummeting international oil prices blamed on unsettled markets and trade disputes.
The marker price yesterday, June 3, for delivery month August 2019, was lower by a steep $3.74 per barrel from May 31, when it settled at $64.17 per barrel for delivery month July 2019.
Prices have been on a downtrend since around"...

MUSCAT, JUNE 1 – Going by expected power demand growth trends, any demand for new generation capacity will be met almost exclusively by renewables over the next seven years, precluding the need for any new gas-based Independent Power Projects (IPPs) during this timeframe.
This paradigm shift in Oman’s power generation space underscores the ambitious role envisaged for renewables — chiefly solar photovoltaic capacity — in the nation’s energy mix, according to an official of Oman Power and"...

Muscat: Petroleum Development Oman (PDO) has committed to support a range of infrastructure commitments to benefit communities and boost sustainable development across the Sultanate.

The company is funding the construction of two fish markets in Adam and Yanqul, which come as part of the Ministry of Agriculture and Fisheries’ fish markets rollout plan across the Sultanate. The facilities, each of which will include storage facilities and an ice factory, will boost the fisheries industry in the area and"...

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Total production of oil refineries and petroleum industries in Oman rose 7 per cent in the first four months of 2019 compared to the output recorded in the same period of last year.

Production of regular grade petrol (Mogas 91) rose 11 per cent at the end of April to 5.274mn barrels compared to the same period of last year. Domestic sales of Mogas 91 grew 12 per"...