Oman LNG boosts market position with record output, new contracts

Muscat Daily

5 days ago

Muscat – Oman LNG achieved its highest-ever production in 2024, while maintaining exceptional safety standards and a plant efficiency rate of 98.23%, reflecting its unwavering commitment to operational excellence and sustainable performance.
Hamad bin Mohammed al-Naamani, CEO of Oman LNG, confirmed that the company is preparing for a new phase of expansion with the commencement of long-term sales contracts this year, encompassing volumes from both Oman LNG and Qalhat LNG.
The company is prioritising advanced upgrades and maintenance to enhance its capabilities and surpass its 2024 achievements once these improvements are completed. This will position it at the forefront of gas producers globally, in terms of both performance and competitive cost.
In a statement to the Oman News Agency, Naamani said that 2024 marked a significant shift in the company's commercial strategy, with long-term sales contracts totalling 10.4mn metric tonnes per annum, providing a solid foundation for a diversified and flexible commercial portfolio.
He added that this strategy has enabled the company to strike a balance between long-term commitments and the agility to respond to immediate market opportunities. This approach has allowed the company to supply reliable energy to its partners while maximising added value, reinforcing Oman's role in supporting global energy security.
Regarding innovation and transformation in the energy sector, Naamani emphasised Oman LNG's commitment to supporting the sultanate's carbon neutrality targets by 2050. This includes investing in short-term efficiency improvements and implementing long-term emissions management programmes.
He noted that the company achieved its highest-ever energy efficiency rates in 2024 and was recognised with the 'Golden Path' award by the United Nations Environment Programme for its efforts to reduce methane emissions – both of which are key indicators of its dedication to low-carbon LNG production.
He pointed out that the company is investing in energy efficiency solutions that support a gradual reduction in emissions, relying on proven and highly cost-effective technologies. All investments aimed at reducing emissions undergo thorough and comprehensive evaluation.
The company is also investing in research and development projects in collaboration with local universities, including studies on hydrogen fusion and a pilot project focused on methane emissions – seen as a starting point for developing clean energy molecules. Naamani underlined that this approach balances enhancing current performance with preparing for a low-emissions future, positioning Oman LNG as a reliable partner in the global energy transition.
On the topic of safety and sustainability leadership, Naamani stated that last year the company recorded over 27mn work hours without a lost-time injury, with no operational safety incidents reported for more than 3,500 days.
Regarding social responsibility and national development, the company's CEO explained that Oman LNG remains committed to allocating 1.5% of its net income after tax to social investment. This includes support for key projects such as the Sur Maritime Museum, the Masar initiative to promote tourism, and the provision of advanced medical equipment to healthcare facilities, including MRI machines and kidney dialysis units. The company also prioritises human capital development through leadership academies, practical training for youth, and initiatives supporting small and medium-sized enterprises.