PetroTel advances Oman discoveries
PetroTel Energy is moving to commercialise significant discoveries in Oman after investing more than $700 million across Blocks 17, 39 and 67.
Extended-reach drilling has unlocked major light oil finds, with full-scale production plans submitted.
The company is advancing artificial lift solutions, expanding infrastructure and seeking partnerships to accelerate development.
PetroTel says discoveries in Blocks 39 and 67 could rank among Oman’s largest, strengthening the Sultanate’s upstream growth outlook.
Oman opens strategic acreage
Oman has launched its 2026 licensing round, offering five onshore blocks spanning 48,000 sq km and positioning the bid round as a diverse upstream investment opportunity.
The acreage combines near-field prospects, frontier exploration and appraisal upside, supported by strong infrastructure and proven petroleum systems.
Strategic subdivision of legacy licences aims to sharpen exploration focus and maximise recovery, while the round reinforces Oman’s drive to attract international capital into its upstream sector.
OQEP expands upstream footprint
OQ Exploration and Production is acquiring a 35 per cent stake in Block 27 from Mitsui for $28.8 million, adding producing reserves and an estimated 3.5 thousand barrels of oil equivalent per day (kboepd) net output.
Operated by Occidental, the asset strengthens OQEP’s domestic portfolio and long-term production base through to 2035.
The acquisition reflects continued consolidation of Omani upstream assets and underlines confidence in the Sultanate’s regulatory framework and investment appeal.
Masar unlocks block potential
Masar Petroleum has announced a major discovery at Hasirah Ridge in Block 7, opening access to prospective resources estimated at up to 380 million barrels.
The find validates a new geological trend and supports plans for further appraisal, 3D seismic work and phased development.
First production is expected this year, with full resource advancement targeted by 2028, marking a significant milestone in indigenous upstream growth.
Oman aligns output strategy
Oman will raise crude production to 821,000 bpd in May under the latest Opec+ adjustment, reflecting a measured increase aligned with wider market balancing efforts.
The move supports price stability while reinforcing Oman’s disciplined role within the producer alliance.
The decision comes amid broader concerns over energy security and supply chain risks, underscoring the Sultanate’s strategic importance as both a reliable producer and regional logistics hub.
PTTEP grows Oman footprint
PTTEP is consolidating its presence across Oman’s hydrocarbon chain.
The company holds stakes in Blocks 61 and 6, and the Mukhaizna field, which averaged 1,476 million standard cu ft per day (MMSCFD) of gas and over 710,000 barrels per day (bpd) of oil respectively in 2025.
While exiting the non-commercial Block 12, PTTEP expanded into green hydrogen via Block Z1-02.
This strategy aims to enhance long-term production capacity through integrated upstream, midstream, and renewable investments.
TotalEnergies boosts Omani production
TotalEnergies reported increased hydrocarbon output in Oman, reaching 69,000 barrels of oil equivalent per day (boepd) in 2025.
Growth was driven by interests in Block 6s and 10, with the latter feeding a future low-carbon LNG bunkering plant.
Although the company relinquished Block 11, it extended its Oman LNG shareholdings and is developing 300 MW of renewable projects.
These initiatives align with its strategy to reduce emissions while maintaining a robust integrated energy presence.
OQEP sets growth targets
OQ Exploration & Production (OQEP) plans 2026 capital expenditure of $800–900 million.
The state-owned firm targets 2026 production of 220,000–230,000 boepd, maintaining a balanced oil-gas split.
OQEP’s five-year strategy aims for 300,000 boepd by 2030 through organic exploration and disciplined acquisitions.
With a strong net debt-to-EBITDA ratio of 0.24x, the company is positioned to expand both domestically and internationally across the MENA region.
OQ profits climb significantly
OQ Group delivered a robust 2025 financial performance, reporting a net profit of RO641 million ($1.6 billion), a 25 per cent year-on-year increase.
EBITDA rose to RO1.348 billion, supported by operational efficiencies and a BBB- credit rating.
The group increased domestic expenditure to RO467 million, benefiting local SMEs, and achieved its 2025 carbon reduction targets. Safety remained a priority, with three consecutive years of zero fatalities.
EDO reports revenue decline
Energy Development Oman (EDO) recorded $14.7 billion in 2025 revenue, down from $16.07 billion in 2024.
Net profit dipped to $523 million due to lower income and rising depreciation charges.
However, total equity grew to $11.63 billion following the conversion of shareholder loans.
As the manager of Oman’s Block 6 interests, EDO remains central to fiscal stability while diversifyinginto green hydrogen via its subsidiary, Hydrom.