Oman plans more oil and gas auctions: energy minister

Oman intends to auction offshore oil and gas blocks by the end of the year, the country's minister of energy and minerals Salim al-Aufi told reporters on April 22.

Oil and gas comprises 70-72% of the Gulf country's gross domestic product, and crude oil production is forecast to rise to 1.135 million b/d in 2025 from an estimated 1.040 million b/d in 2022, S&P Global Ratings said in a report in November.

Oman is "planning new auctions every year," the minister said on the sidelines of the Oman Petroleum & Energy Show. "We're now looking at some offshore blocks, by year-end probably."

Oman, a member of the OPEC+ alliance, produced 760,000 b/d of crude in March, compared with 770,000 b/d in February, according to the latest Platts survey by S&P Global Commodity Insights.

Meanwhile, the massive storm that battered Dubai and Oman last week is not expected to hinder the sultanate's production, with Aufi saying he has "not seen any major setback." Oman did experience complete or partial power outages across five governorates, the National Committee for Emergency Management said at the time.

As Oman looks to ramp up oil and gas production, the country opened an exploration licensing round in March 2023 for three gas blocks. There are currently about 50 concession blocks already operated by more than 20 operators across 300 oil and gas fields, the ministry said in a statement at the time.