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Gulf Press > Gulf News > Oman aims to boost energy and minerals sectors’ contributions to GDP
Gulf News

Oman aims to boost energy and minerals sectors’ contributions to GDP

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Last updated: 2024/06/26 at 8:34 PM
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The Ministry of Energy and Minerals in Muscat is focused on enhancing the contribution of the energy and mineral sectors to Oman’s GDP and national income. In an effort to boost production at lower costs, the ministry is using the latest technology. Minister Salem bin Nasser Al-Awfi emphasized the importance of harnessing capabilities and resources to develop these sectors, especially in using advanced technology to support crude oil and oil condensate production. The ministry has been working on localizing industries, with a chemical manufacturing factory receiving certification and approval, contributing to enhancing local value and reducing operational expenses. Additionally, Oman’s first well drilling rig with electronic operation capabilities was completed, ensuring safe, efficient, and sustainable drilling operations.

The Ministry of Energy and Minerals in Oman has been supporting small and medium enterprises (SMEs) through spending on oil and gas sectors, amounting to approximately 16 percent of the total value of purchases and tenders in 2023. Engineer Salem bin Nasser Al-Awfi highlighted the importance of SMEs in economic and social development, aligning with the government’s goals. Important projects initiated in 2023 include the Al-Ghaisin Mine Copper Mining Project in the Wilayat of Al-Khaboura, which aims to enhance economic diversification using modern and environmentally friendly underground mining techniques. Additionally, a solar energy station was opened in the Wilayat of Sur to produce renewable energy for the Sur water desalination plant.

In terms of social responsibility, the Ministry of Energy and Minerals partnered with three companies to support three national projects with a total cost of OMR2.5 million. This demonstrates the ministry’s commitment to giving back to the community and supporting local initiatives. These efforts align with Oman’s vision to strengthen the energy and mineral sectors, contributing to economic growth and development. By utilizing advanced technology and innovative techniques, the ministry aims to enhance production efficiency and reduce operational costs to benefit the national economy.

The Ministry of Energy and Minerals in Muscat aims to supplement the state’s general budget by utilizing all possible means to boost energy and mineral production. Engineer Salem bin Nasser Al-Awfi reiterated the ministry’s commitment to developing these sectors by leveraging resources and advanced technology. Notable achievements in 2023 include the certification of a chemical manufacturing factory in Oman and the completion of the first well drilling rig with electronic operation capabilities. These advancements are expected to enhance local value and reduce operational expenses, contributing to the overall growth of the energy and mineral sectors in Oman.

Furthermore, the ministry has been actively supporting the localization of industries and promoting the role of SMEs in economic and social development. By allocating a significant portion of spending to SMEs in the oil and gas sectors, the ministry is fostering growth and innovation within these industries. Important projects such as the Al-Ghaisin Mine Copper Mining Project and the solar energy station in Sur highlight the ministry’s commitment to sustainable development and economic diversification. These initiatives are in line with Oman’s vision for a prosperous and sustainable future. Additionally, the ministry’s dedication to social responsibility through partnership projects further demonstrates its commitment to giving back to the community and supporting local initiatives. Through collaboration and innovation, the Ministry of Energy and Minerals in Oman is paving the way for a more sustainable and prosperous future for the country’s energy and mineral sectors.

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News Room June 26, 2024
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