Outlook 2024: Oman – Taking a leading role in the global energy transition

Oman offers an attractive destination for investment in the energy transition

The Omani energy sector, which has long been synonymous with oil and gas production, is set to take on a leading role in addressing the energy transition, with positive domestic, regional and international implications. According to the IEA, Oman has set out an ambitious strategy to derive 30% of electricity from renewable sources and to be producing 1mt of hydrogen by 2030. In following this ambitious strategy, Oman is embarking on a transformative journey given that it continues to rely on oil and gas for around 30% of its GDP. Its goal is to emerge as a leader in the global energy transition, diversifying the country’s exports while reducing its own reliance on fossil fuels and lowering i