APRIL 15, 2024

Oman maintains position as among top LNG exporters in the world

The Sultanate of Oman has solidified its position as one of the leading exporters of liquefied natural gas (LNG) globally, ranking second in the Arab world after Qatar, according to a recent report by the Gas Exporting Countries Forum (GECF). In February 2024, Oman exported nearly 1 million metric tonnes (MT) of LNG.

The global LNG exports in February 2024 totaled 33.95 million tonnes, with non-GECF countries, including Oman, holding a market share of 52.2%, up from 50.7% the previous year. GECF member countries accounted for 47.1% of the exports, while reloads experienced a sharp decline from 2.5% to 0.7%.

Oman's LNG exports have played a vital role in the global market, contributing to the total of 17.73 million tonnes from non-GECF countries in February 2024, showing a 3.8% year-on-year increase. The period between January and February 2024 saw a growth in non-GECF LNG exports to 36.79 million tonnes, reflecting a 5.8% rise compared to the previous year.

GECF member countries and observers exported a total of 15.98 million tonnes of LNG in February 2024. From January to February 2024, the total GECF LNG exports reached 34.05 million tonnes, indicating a 4.0% year-on-year increase.

The top ten LNG exporters globally, as per the GECF monthly gas report, include the US, Australia, Qatar, Russia, Malaysia, Nigeria, Oman, Algeria, Indonesia, and Papua New Guinea.

Oman's success as a top LNG exporter can be attributed to its strategic investments in LNG infrastructure, its role in meeting global energy demands, and its commitment to sustainability and environmental responsibility. Oman aims to capitalise on the increasing demand for clean energy in Asia and Europe due to its location. China, Japan, and South Korea are major consumers of LNG, and Oman's proximity allows it to supply LNG to these markets competitively.

Just recently, Oman LNG, the operator of LNG facilities in Oman, signed an MoU with Hitachi Zosen Corporation and Hitachi Zosen Inova AG to collaborate on decarbonisation solutions through methanation technology, focusing on renewable sources like green hydrogen.

In addition, Oman LNG has completed a deal with SEFE Secure Energy for Europe of Germany to provide 0.4 million metric tonnes of LNG each year to Germany. The agreement was finalised during the Berlin Energy Transition Dialogue 2024, overseen by Eng Salim al Aufi, Minister of Energy and Minerals. This contract builds upon an earlier agreement where Oman LNG committed to supplying SEFE with the same amount of LNG annually, starting in 2026.

Source: Oman Observer