Latest news with #HEAufi
4 days ago
- Business
Oman to launch its first renewable energy storage project
Muscat – Oman will soon announce its first renewable energy storage project as part of ongoing efforts to expand clean energy capacity and reduce dependence on conventional power sources. H E Salem bin Nasser al Aufi, Minister of Energy and Minerals, has confirmed that five to six new wind and solar projects are scheduled to begin this year, with particular focus on wind power due to the sultanate's strong potential in this area. These projects are expected to begin generating more than 2,000MW of electricity by the end of 2027. A majority of the wind projects will be located in Al Wusta and Dhofar, where long-term wind measurements have confirmed viable generation capacity. 'Ministry of Energy and Minerals (MEM) is working with Nama Group and the Authority for Public Services Regulation to identify the most suitable solutions for energy storage, whether through conventional or emerging technologies,' H E Aufi said. 'The first storage project will be announced soon.' H E Salem bin Nasser al Aufi, Minister of Energy and Minerals He added that the projects support Oman's energy transition strategy and create opportunities to develop industries powered by clean energy. Oman Vision 2040 targets renewable energy to make up around 30% of the country's total electricity generation by 2030. In line with this, the Manah 1 and Manah 2 solar plants have been launched, with a combined capacity of approximately 1,000MW. MEM is also working in coordination with Ministry of Transport, Communications and Information Technology and Petroleum Development Oman to establish a hydrogen corridor. The initiative aims to set up hydrogen production and supply stations in concession areas, enabling the fuelling of trucks operating between these.
18-05-2025
- Business
Oman extends concession agreement with Oxy for Block 53 until 2050
Muscat – Oman's Ministry of Energy and Minerals on Sunday signed an agreement with Occidental Oman (Oxy Oman) and its partners to extend the exploration and production sharing agreement for Concession Block 53 in Mukhaizna until 2050. Oxy Oman's partners in the Mukhaizna field include OQ Exploration and Production, Indian Oil Corporation Liwa, and PTT Exploration and Production. The agreement was signed under the patronage of H E Salim bin Nasser al Aufi, Minister of Energy and Minerals. The extended agreement provides for continued investment totalling approximately $30bn over the concession period. This includes capital and operational expenditure aimed at improving production efficiency and implementing the latest extraction technologies to maximise utilisation of the region's available resources. 'This strategic step is part of the ministry's efforts to ensure the continued operation of the Mukhaizna field and enhance oil production through the application of advanced steam injection technology and the development of the Thulaylat reservoir,' the Ministry of Energy and Minerals said in a press statement. The Mukhaizna field has served as a successful model of collaboration between operators and has, over the years, led to tangible improvements in production levels – currently recording the highest daily crude oil output among the sultanate's fields. 'These major investments are expected to support the sustainability of the supply chain and associated operational contracts, which will positively impact economic activity and generate new employment opportunities in the oil and gas sector and its supporting industries,' the ministry added. Commenting on the agreement, H E Aufi said, 'The extension of the concession agreement for Block 53 represents a pivotal step towards ensuring the continued contribution of this vital field to the national economy. The anticipated investment will support production development and enhance the added value of the energy sector in Oman. We remain committed to working with our partners to fully realise the potential of Block 53.' This extension reaffirms Oman's continued commitment to the sustainability of its oil and gas sector through the adoption of best practices and modern technologies to maximise returns from its natural resources.
