Latest news with #HyDuqm
Zawya
4 days ago
- Business
- Zawya
Oman's HyDuqm hydrogen project eyes FID in 2027
MUSCAT: Hydrogen Duqm LLC (HyDuqm), one of nine large-scale green hydrogen and ammonia projects currently in early development in Oman, anticipates a Final Investment Decision (FID) in 2027, with production slated to commence in 2030. HyDuqm represents a joint venture set up by six leading global companies comprising POSCO Holdings, Samsung Engineering Company Limited, Korea East-West Power Company Limited, Korea Southern Power Company Limited, MESCAT Middle East DMCC (a subsidiary of ENGIE from France), and FutureTech Energy Ventures Limited (FTEV) - the clean energy arm of Thai energy conglomerate PTTEP. In 2023, the JV partners won a concession from Hydrom, the master-planner of Oman's green hydrogen (GH2) economy, to develop a GH2 project in Block Z1-02 in Al Wusta Governorate. The project targets an annual capacity of 1.2 million tonnes of green ammonia, focusing on clean energy production from green hydrogen. According to PTTEP subsidiary FTEV, the partners of HyDuqm are currently 'in the process of assessing wind and solar energy potential (Renewable Resource Assessment) and conducting a feasibility study to evaluate the investment value and profitability of the project prior starting engineering design'. Significantly, FTEV's role as a JV partner in HyDuqm is the latest addition to parent organization PTTEP's expanding presence in Oman's energy industry. 'This investment supports the growth of new businesses aligning with the Company's business plan and provides an opportunity to apply knowledge and experience in green hydrogen production in Thailand, in line with future energy policies,' PTTEP noted in its recently issued 2024 Annual Report. 'PTTEP completed the installation of wind and solar potential measurement stations and has begun collecting data to support the project operations. The ongoing feasibility study phase includes geographical, geotechnical, and hydrological assessments, as well as a Preliminary Environmental and Social Impact Assessment (Pre-ESIA),' it further stated. The feasibility study, according to the Thai state-owned energy giant, will also help determine the amount of required capital expenditure and economic return before proceeding to the engineering design phase in 2025. The Annual Report also shed light on the performance of PTTEP's portfolio of investments in the upstream and midstream segments of Oman's oil and gas sector. One of its largest investments is in Block 61 in central Oman, which accounts for around a third of Oman's gas production. PTTEP owns a 20 per cent interest in the BP-operated concession. In 2024, natural gas and condensate production averaged 1,511 MMSCFD (approximately 267,746 barrels of oil equivalent per day - BOED) and 56,087 bpd respectively. Production from Block 6 – the largest producing oil asset in central Oman – averaged 66,490 bpd of crude oil in 2024. PTTEP Group holds a 2 per cent participating interest in this project, with Petroleum Development Oman (PDO) as the operator. In south Oman, PTTEP Group holds a 1 per cent participating interest in Block 53 (also known as the Mukhaizna field) with Occidental as the operator. In 2024, the average crude oil production was 75,227 bpd. Recently, Oman's Ministry of Energy and Minerals signed an agreement to extend the Block 53 Exploration and Production Sharing Agreement (EPSA) with Occidental and its partners until 2050. Rounding off its upstream assets is Block 12, a large onshore natural gas exploration block in central Oman. PTTEP Group holds a 20 per cent participating interest in the project, with TotalEnergies as the operator. In 2024, two exploration wells were completed, while geological and geophysical studies are currently underway. PTTEP subsidiary PTTEP Oman E&P Corporation (POC), formerly Partex Oman Corporation, also has a 2 percent stake in Oman LNG LLC and an indirect 0.7 per cent stake in Qalhat LNG. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Oman's HyDuqm expects FID in 2027
Hydrogen Duqm (HyDuqm), one of nine large-scale green hydrogen and ammonia projects currently in early development in Oman, anticipates a Final Investment Decision (FID) in 2027, with production slated to commence in 2030. HyDuqm is a joint venture comprising POSCO Holdings, Samsung Engineering , Korea East-West Power Company, Korea Southern Power Company , MESCAT Middle East DMCC (a subsidiary of ENGIE from France), and FutureTech Energy Ventures (FTEV) - the clean energy arm of Thai energy conglomerate PTTEP. In 2023, the JV partners won a concession from Hydrom, the master-planner of Oman's green hydrogen economy, to develop a GH2 project in Block Z1-02 in Al Wusta Governorate. The project targets an annual capacity of 1.2 million tonnes of green ammonia, focusing on clean energy production from green hydrogen. According to PTTEP subsidiary FTEV, the partners of HyDuqm are currently 'in the process of assessing wind and solar energy potential (Renewable Resource Assessment) and conducting a feasibility study to evaluate the investment value and profitability of the project prior to starting engineering design'. FTEV's role as a JV partner in HyDuqm is the latest addition to parent organisation PTTEP's expanding presence in Oman's energy industry. 'This investment supports the growth of new businesses aligning with the Company's business plan and provides an opportunity to apply knowledge and experience in green hydrogen production in Thailand, in line with future energy policies,' PTTEP noted in its recently issued 2024 Annual Report. 'PTTEP completed the installation of wind and solar potential measurement stations and has begun collecting data to support the project operations. The ongoing feasibility study phase includes geographical, geotechnical, and hydrological assessments, as well as a Preliminary Environmental and Social Impact Assessment (Pre-ESIA),' it said. The feasibility study, according to the Thai state-owned energy giant, will also help determine the amount of required capital expenditure and economic return before proceeding to the engineering design phase in 2025. (Writing by Nadim Kawach; Editing by Anoop Menon)
Observer
5 days ago
- Business
- Observer
Oman's HyDuqm hydrogen project eyes FID in 2027
MUSCAT: Hydrogen Duqm LLC (HyDuqm), one of nine large-scale green hydrogen and ammonia projects currently in early development in Oman, anticipates a Final Investment Decision (FID) in 2027, with production slated to commence in 2030. HyDuqm represents a joint venture set up by six leading global companies comprising POSCO Holdings, Samsung Engineering Company Limited, Korea East-West Power Company Limited, Korea Southern Power Company Limited, MESCAT Middle East DMCC (a subsidiary of ENGIE from France), and FutureTech Energy Ventures Limited (FTEV) - the clean energy arm of Thai energy conglomerate PTTEP. In 2023, the JV partners won a concession from Hydrom, the master-planner of Oman's green hydrogen (GH2) economy, to develop a GH2 project in Block Z1-02 in Al Wusta Governorate. The project targets an annual capacity of 1.2 million tonnes of green ammonia, focusing on clean energy production from green hydrogen. According to PTTEP subsidiary FTEV, the partners of HyDuqm are currently 'in the process of assessing wind and solar energy potential (Renewable Resource Assessment) and conducting a feasibility study to evaluate the investment value and profitability of the project prior starting engineering design'. Significantly, FTEV's role as a JV partner in HyDuqm is the latest addition to parent organization PTTEP's expanding presence in Oman's energy industry. 'This investment supports the growth of new businesses aligning with the Company's business plan and provides an opportunity to apply knowledge and experience in green hydrogen production in Thailand, in line with future energy policies,' PTTEP noted in its recently issued 2024 Annual Report. 'PTTEP completed the installation of wind and solar potential measurement stations and has begun collecting data to support the project operations. The ongoing feasibility study phase includes geographical, geotechnical, and hydrological assessments, as well as a Preliminary Environmental and Social Impact Assessment (Pre-ESIA),' it further stated. The feasibility study, according to the Thai state-owned energy giant, will also help determine the amount of required capital expenditure and economic return before proceeding to the engineering design phase in 2025. The Annual Report also shed light on the performance of PTTEP's portfolio of investments in the upstream and midstream segments of Oman's oil and gas sector. One of its largest investments is in Block 61 in central Oman, which accounts for around a third of Oman's gas production. PTTEP owns a 20 per cent interest in the BP-operated concession. In 2024, natural gas and condensate production averaged 1,511 MMSCFD (approximately 267,746 barrels of oil equivalent per day - BOED) and 56,087 bpd respectively. Production from Block 6 – the largest producing oil asset in central Oman – averaged 66,490 bpd of crude oil in 2024. PTTEP Group holds a 2 per cent participating interest in this project, with Petroleum Development Oman (PDO) as the operator. In south Oman, PTTEP Group holds a 1 per cent participating interest in Block 53 (also known as the Mukhaizna field) with Occidental as the operator. In 2024, the average crude oil production was 75,227 bpd. Recently, Oman's Ministry of Energy and Minerals signed an agreement to extend the Block 53 Exploration and Production Sharing Agreement (EPSA) with Occidental and its partners until 2050. Rounding off its upstream assets is Block 12, a large onshore natural gas exploration block in central Oman. PTTEP Group holds a 20 per cent participating interest in the project, with TotalEnergies as the operator. In 2024, two exploration wells were completed, while geological and geophysical studies are currently underway. PTTEP subsidiary PTTEP Oman E&P Corporation (POC), formerly Partex Oman Corporation, also has a 2 percent stake in Oman LNG LLC and an indirect 0.7 per cent stake in Qalhat LNG.
Zawya
29-04-2025
- Business
- Zawya
Oman: Advantage Oman Forum 2025 unveils guide on investment opportunities
MUSCAT: A comprehensive investment guide, titled 'World of Opportunities', was launched against the backdrop of the Advantage Oman Forum 2025, which concluded at The St. Regis Al Mouj Muscat Resort, here on Monday, April 28, 2025. The guide details seven priority sectors poised for growth, aligning with Oman Vision 2040 and the nation's commitment to economic diversification. Oman is rapidly emerging as a leader in the Renewable Energy Sector, particularly in green hydrogen production. The country has allocated 50,000 square kilometres for hydrogen projects, aiming to become a competitive low-emissions hydrogen supplier by 2030. Notably, the HyDuqm project, led by France's Engie and South Korea's Posco, anticipates attracting between $7 billion and $8 billion in investments to develop up to 5 GW of new wind and solar capacity and produce 200,000 tonnes of renewable hydrogen annually. The Logistics Sector remains a cornerstone of Oman's economic development. Strategically located at the crossroads of global trade routes, Oman is enhancing its logistics infrastructure to serve as a regional trade hub. The country's major ports — Suhar, Salalah, and Duqm — handled over 4.6 million TEUs and 63.1 million tonnes of cargo in 2023, reinforcing its status as a global logistics powerhouse. Recent collaborations, such as the expanded joint venture between Oman Rail and Etihad Rail, aim to enhance connectivity and boost trade volumes. In the Manufacturing Sector, Oman is focusing on diversifying its industrial base by promoting sectors like petrochemicals, mining, and technology-driven manufacturing. The Salalah Free Zone has attracted investments in pharmaceuticals, petrochemicals, and mining, while the Sohar Free Zone has become a hub for mining, ceramics, and construction materials. Additionally, the country is venturing into semiconductor manufacturing, with plans to develop advanced AI chips, enhancing its position in the global semiconductor industry. The Tourism Sector is a major pillar under Oman Vision 2040, with the country targeting 12 million visitors by 2040. The government is investing RO 3 billion (approximately $7.8 billion) to develop 13 integrated tourism complex projects, with 12 more in the pipeline. These complexes combine residential, hospitality, recreational, and commercial facilities, offering comprehensive experiences to tourists and residents alike, further positioning Oman as a top regional destination. Oman's commitment to building a digital economy is reflected in the country's broader investments in ICT infrastructure. Oman is encouraging innovation in areas like artificial intelligence and cybersecurity, with its ICT market projected to grow from $5.96 billion in 2025 to $9.11 billion by 2030, at a CAGR of 8.88 per cent. Initiatives such as the National Digital Economy Programme are designed to enhance digital services, promote e-governance, and support the growth of tech startups, contributing to a more sustainable and circular economic model. In the Agriculture & Fisheries Sector, Oman is reinforcing its food security agenda. The government has launched 30 projects focusing on strategic crops, aquaculture, and water resources, aiming to increase local production, reduce reliance on imports, and create job opportunities for Omanis. These initiatives are not only ensuring sustainable food production but are also enhancing Oman's exports in the fisheries sector. The Advantage Oman Forum 2025 showcased Oman's commitment to economic diversification and sustainable development. By focusing on these seven strategic sectors, Oman is positioning itself as a competitive and attractive destination for global investors seeking sustainable and diversified opportunities. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
28-04-2025
- Business
- Observer
Advantage Oman Forum 2025 unveils guide on investment opportunities
MUSCAT: A comprehensive investment guide, titled 'World of Opportunities', was launched against the backdrop of the Advantage Oman Forum 2025, which concluded at The St. Regis Al Mouj Muscat Resort, here on Monday, April 28, 2025. The guide details seven priority sectors poised for growth, aligning with Oman Vision 2040 and the nation's commitment to economic diversification. Oman is rapidly emerging as a leader in the Renewable Energy Sector, particularly in green hydrogen production. The country has allocated 50,000 square kilometres for hydrogen projects, aiming to become a competitive low-emissions hydrogen supplier by 2030. Notably, the HyDuqm project, led by France's Engie and South Korea's Posco, anticipates attracting between $7 billion and $8 billion in investments to develop up to 5 GW of new wind and solar capacity and produce 200,000 tonnes of renewable hydrogen annually. The Logistics Sector remains a cornerstone of Oman's economic development. Strategically located at the crossroads of global trade routes, Oman is enhancing its logistics infrastructure to serve as a regional trade hub. The country's major ports — Suhar, Salalah, and Duqm — handled over 4.6 million TEUs and 63.1 million tonnes of cargo in 2023, reinforcing its status as a global logistics powerhouse. Recent collaborations, such as the expanded joint venture between Oman Rail and Etihad Rail, aim to enhance connectivity and boost trade volumes. In the Manufacturing Sector, Oman is focusing on diversifying its industrial base by promoting sectors like petrochemicals, mining, and technology-driven manufacturing. The Salalah Free Zone has attracted investments in pharmaceuticals, petrochemicals, and mining, while the Sohar Free Zone has become a hub for mining, ceramics, and construction materials. Additionally, the country is venturing into semiconductor manufacturing, with plans to develop advanced AI chips, enhancing its position in the global semiconductor industry. The Tourism Sector is a major pillar under Oman Vision 2040, with the country targeting 12 million visitors by 2040. The government is investing RO 3 billion (approximately $7.8 billion) to develop 13 integrated tourism complex projects, with 12 more in the pipeline. These complexes combine residential, hospitality, recreational, and commercial facilities, offering comprehensive experiences to tourists and residents alike, further positioning Oman as a top regional destination. Oman's commitment to building a digital economy is reflected in the country's broader investments in ICT infrastructure. Oman is encouraging innovation in areas like artificial intelligence and cybersecurity, with its ICT market projected to grow from $5.96 billion in 2025 to $9.11 billion by 2030, at a CAGR of 8.88 per cent. Initiatives such as the National Digital Economy Programme are designed to enhance digital services, promote e-governance, and support the growth of tech startups, contributing to a more sustainable and circular economic model. In the Agriculture & Fisheries Sector, Oman is reinforcing its food security agenda. The government has launched 30 projects focusing on strategic crops, aquaculture, and water resources, aiming to increase local production, reduce reliance on imports, and create job opportunities for Omanis. These initiatives are not only ensuring sustainable food production but are also enhancing Oman's exports in the fisheries sector. The Advantage Oman Forum 2025 showcased Oman's commitment to economic diversification and sustainable development. By focusing on these seven strategic sectors, Oman is positioning itself as a competitive and attractive destination for global investors seeking sustainable and diversified opportunities.
