The Ministry of Energy and Minerals pays great attention to attracting investors and major companies to compete for open concession areas, in both oil & gas and mining sectors. The Ministry strives to optimize the exploitation of the mineral resources that the Sultanate of Oman abounds by enacting laws and legislation that ensure the proper resource management, attract leading mining companies with advanced exploration technologies, create local added value from mineral resources, and increase their contribution to the gross domestic product GDP.The Ministry of Energy and Minerals pays great attention to attracting investors and major companies to compete for open concession areas, in both oil & gas and mining sectors. The Ministry strives to optimize the exploitation of the mineral resources that the Sultanate of Oman abounds by enacting laws and legislation that ensure the proper resource management, attract leading mining companies with advanced exploration technologies, create local added value from mineral resources, and increase their contribution to the gross domestic product GDP.
With its strategic location overlooking both regional and international sea lanes and its ports that can ensure the efficient export of minerals, oil, and gas to multiple countries worldwide, Oman possesses various attractive features that encourage both local and foreign investors in the energy and minerals sector.
In this context, Dr. Salah bin Hafidh Al Dhahab, Director General of Investments at MEM stated:
The Ministry's plan for oil and gas investment includes the following: ensuring that at least 75% of the Sultanate of Oman's total petroleum concession areas are occupied; expanding exploration initiatives; guaranteeing production rates; and verifying the decrease in operating and extraction costs while maintaining quality and safety and employing carbon-emission-reducing technologies.
Furthermore, the Ministry keeps an eye on monitoring Companies' compliance with agreements and specific conditions.
As for renewable energy and hydrogen, the Ministry is collaborating with Energy Development Oman (EDO) and Hydrom (Hydrogen Oman LLC) to draft legislation and regulate the sector in order to ensure the sustainability of investments. Hydrom offers financial opportunities in the energy sector through bids and specific conditions.
As for renewable energy and hydrogen, the Ministry is collaborating with Energy Development Oman (EDO) and Hydrom (Hydrogen Oman LLC) to draft legislation and regulate the sector in order to ensure the sustainability of investments. Hydrom offers financial opportunities in the energy sector through bids and specific conditions.
Dr. Salah Al-Dhahab, added : In order to promote development and economic diversification in the Sultanate of Oman, MEM has implemented a bidding system in the mining sector, similar to the oil and gas sector. The bidding system strives to attract and develop local and foreign investments by creating real and attractive investment opportunities. Moreover, it enables the Ministry to select the investor who is most technically qualified and financially capable of creating local added value, establishing transformational industries, and creating new job opportunities. The bidding system aims to promote transparency in awarding investment opportunities via:
A-Offering Investment Opportunities on public sites.
Public sites dedicated to Omani companies.
Public sites dedicated to building materials, marble and ornamental stones.
Public sites that have complete approvals from the competent authorities.
B-Offering Investment Opportunities through the Mining Concession Areas System:
Concession areas that are available to all local and international companies.
Large areas of approximately 1,000 km2 or more, allowing investors to develop a diversified portfolio of mineral resources.
The right to explore and extract various minerals.
Investment duration from 20 - 30 years, sufficient for optimal exploitation
According to Director General of Investments, the Ministry is striving to intensify its efforts to attract investors and major companies to compete for open concession areas in the oil and gas and minerals sectors. To achieve this, the Ministry is taking several steps, including participation in local, regional and international conferences and workshops to present investment opportunities, investment mechanisms and privileges that the Sultanate of Oman provides to investors, as well as holding promotional forums in cooperation with other entities, such as inviting representatives of embassies represented by the economic attaché to present the investment opportunities available in Oman.
The Ministry also promotes the investment opportunities and benefits offered by the Sultanate of Oman through different communication channels and websites.