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OmanOman Observer

Oman , officially called the Sultanate of Oman, is an Arab state in southwest Asia on the southeast coast of the Arabian Peninsula. It is bordered by the United Arab Emirates (UAE) to the northwest, Saudi Arabia to the west, and Yemen to the southwest. Oman has a 3165 km coast which is formed by the Arabian Sea on the southeast and the Sea of Oman on the northeast. The Madha and Musandam enclaves are surrounded by the UAE on their land borders, with the Strait of Hormuz and Sea of Oman forming Musandam's coastal boundaries.

The population of the country is 2,782,435 people. Arabic is the official language but also there a several minority languages spoken. The currency is Omani Rial.

Like most of its neighbors, oil sector is accountable for the majority of its export revenues and budgetary requirements. Oman possesses the largest oil reserves of any non-OPEC country in the Middle East and significant reserves of natural gas, of which it is one of leading exporters regionally. Exports of natural gas have diversified the economy away from oil, but Oman will continue pursuit of economic diversification.

All of Oman’s domestic energy consumption is supplied by natural gas and oil, reflecting the country’s relative abundance of oil and natural gas reserves.

Oman’s proven natural gas reserves stand at 11.73 trillion cubic feet. Expanding natural gas production has become a chief focus of Oman’s strategy to diversify its economy away from the oil sector. Rising natural gas production over the last several years has resulted in the expansion of natural gas-based industries, such as petrochemicals, power generation, and the use of natural gas as a feedstock for enhanced oil recovery projects.

Oman is the Member of the GECF since 2011.

Photo: Nizwa

Major Indicators

Land (sq.km) 309,500
Population (inhabitants) 4,829,483
Capital Muscat
Continent Middle East
Language(s) Arabic (official), English, Baluchi, Urdu, Indian dialects
National currency Omani Rial
Time Zone GMT+4
Labor force (inhabitants) 2,711,129
GDP (current billion US$) 79.29
GDP per capita (current US$) 16,418.93
GDP growth (percentage) 2.13
Exports of Goods and Services (current billion US$) 47.70
Proven natural gas reserves (billion c.m.) 677
Natural gas marketed production (billion c.m.) 35.71
LNG exports (billion c.m.) 13.28
Domestic natural gas consumption (billion c.m.) 24.40

Source:GECF Annual Statistical Bulletin

Location

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