Oman’s LNG sector has been enjoying a profitable turn in recent years. Following the resurgence of upstream gas output since the 2017 startup of the 1.5bn cfd Khazzan/Ghazeer tight gas project, Muscat has been racing to expand its liquefaction capacity. Back in 2022 Oman LNG completed debottlenecking work at its three-train Sur facility adding 1mn t/y to reach its current 11.4mn t/y capacity.
Expanded capacity has helped revenues jump to new highs including a record $6.5bn last year, despite prices having weakened significantly from their recent peak in 2022 (see chart 1). Profits also increased to $1.7bn, but were down on 2022’s $1.9bn record. According to the company’s recently released annual report it produced 11.98mn tons of LNG in 2024, 5% over its nameplate capacity and 4% up from 2023 (see chart 2). (CONTINUED - 677 WORDS)
