Muscat: The Ministry of Energy and Minerals places significant emphasis on attracting investors and major companies to compete in open concession areas within the oil, gas, and minerals sectors.
Additionally, the Ministry takes steps to ensure the optimal utilization of Oman's abundant mineral resources. It establishes laws and regulations that promote the responsible use of these resources, attract investors to leverage modern technologies, enhance the local value of mineral resources, and boost their contribution to the country's gross domestic product (GDP).
Oman offers investment opportunities that are likely to entice both local and foreign investors to engage in various energy and minerals-related ventures. The advantages include its strategic location overlooking regional and international sea lanes, as well as the presence of Omani ports capable of exporting oil, gas, and minerals to different countries worldwide.
Dr. Salah Hafeez Al Dhahab, the Director General of Investments at the Ministry of Energy and Minerals, stated that the Ministry's plan for the oil and gas sector aims to ensure that petroleum concession areas account for no less than 75% of the total identified petroleum concession areas in Oman.
Al Dhahab further explained that the plan focuses on intensifying exploration operations, ensuring productivity, reducing extraction costs, while simultaneously prioritizing quality, safety, and carbon emission reduction. The Ministry also monitors companies' adherence to their obligations as stipulated in their respective contracts and agreements.
He elaborated on the Ministry's strategy for the renewable energy and hydrogen sector, emphasizing the importance of enacting laws and regulations to ensure sustainable investment. Collaboration with Oman Energy Development Company and Hydrogen Oman is key to achieving this goal. Hydrogen Oman provides investment opportunities in the energy sector through specific bids and conditions. Oman aims to become one of the leading hydrogen exporters in the region by 2030.
Al Dhahab highlighted the Ministry's implementation of a bidding system to maximize the utilization of mineral resources for economic development and diversification. This initiative also aims to attract and nurture both local and foreign investments by introducing tangible investment prospects.
