Oman LNG is poised for a big year as expansion work is boosting capacity just in time to capitalize on soaring global gas prices. The freshly released 2021 annual report from the state firm a JV grouping Omani Investment Authority (51%) with Shell (30%), TotalEnergies (5.54%), Korea LNG (5%) PTTEP (2%) and a trio of Japanese firms which operates all of the sultanate’s liquefaction capacity, points to a record number of cargoes being exported in 2022. Coupled with resurgent demand and prices this should result in a significant revenue boost for the year.
The last few years have been lean ones for Oman LNG with revenues and net income well below the peaks achieved in 2013 before hydrocarbon prices collapsed in the second half of 2014 (see chart). Oman LNG’s financial performance rebounded from 2020’s Covid-lows last year, and strong gains this year could push revenues well above 2018’s recent highs of $3.51bn. (CONTINUED - 858 WORDS)