No Result
View All Result
NEWSLETTER
Energy Oman Magazine
  • Local News
  • Regional News
  • Local News
  • Regional News
No Result
View All Result
Energy Oman Magazine
No Result
View All Result
Home Companies

Oman’s OQ mandated to help decarbonize oil firms, industrial clusters

by Ahmed Alsir
May 13, 2023
in Companies, Local News, Regional News
0
0
SHARES
35
VIEWS
Share on FacebookShare on Twitter

MUSCAT: OQ Group, the global integrated energy group of the Sultanate of Oman, says it has been tapped by the Ministry of Energy and Minerals to assist oil and gas companies as well as industrial zones – among the biggest domestic contributions of greenhouse gas emissions – with their decarbonisation goals by making available the supply of clean energy resources.

Wholly state-owned OQ Group – part of Oman Investment Authority (OIA) – said the commitment is part of a large portfolio of initiatives planned by the Group in support of its own decarbonisation strategy, as well as the nation’s Net Zero journey.

“OQ has been working closely with the Ministry of Energy and Minerals (MEM) to charter a clear pathway for decarbonization and carbon neutrality in the country, with MEM mandating OQ to help oil and gas concessions and industrial clusters in the country to decarbonize through supply of clean energy,” the Group stated in its newly published 2022 Annual Report.

A decarbonization plan approved by the Board last December sets out Net Zero roadmaps for OQ’s sizable Oman-based operational assets. “These roadmaps identify opportunities across four clear pathways; energy excellence, clean energy, low carbon molecules and negative emissions to decarbonize OQ’s existing assets and recommended actions to shift OQ’s portfolio towards greener energy,” it said.

Envisioned in the strategy is a plan for the development of opportunities to support the decarbonization of OQ’s upstream and downstream assets by harnessing renewable energy resources to supplant their current dependence on fossil fuel-based energy.

To this end, OQ also plans investments in solar projects aimed at partially decarbonizing the operation of its multibillion dollar Liwa Plastics complex in Sohar Port and its oilfield activities within its wholly-operated Block 60 in central Oman. Both initiatives are currently “under study”, according to the Group.

Last year, OQ stated that a Final Investment Decision (FID) linked to the development of a 100 MW solar power project, planned at Liwa, is anticipated in 2023. At its Bisat operations in Block 60, OQ has decided on a combination of conventional power from the electricity grid supplemented by solar PV generation. The PV component will be developed by OQ’s Alternative Unit through an asset lease agreement to OQ US, it had further noted.

However, its biggest contribution is anticipated in the emerging green hydrogen space with the Group set to play a dominant role in the development of a hydrogen-centric economy in Oman by 2040.

“OQ has several large-scale green hydrogen projects already announced with the potential to generate more than 30 GW of renewable energy in Oman,” the Group said. “We are driving over $40 bn worth of investments with partners into these projects and expect them to pass the final investment decision (FID) stage over the next decade. These projects include Hyport Duqm, H2Oman, SalalaH2, and Green Energy Oman,” it added.

Previous Post

Trial operation begins of Crude Oil Distillation Unit at Duqm Refinery

Next Post

44.01 signs pact for first-of-its-kind carbon removal project in Oman

Ahmed Alsir

Ahmed Alsir

Related Posts

PDO boosts In-Country Value with $2.5bn investment
Companies

PDO boosts In-Country Value with $2.5bn investment

May 28, 2024
Oman, Netherlands explore cooperation in hydrogen ports
Companies

Oman, Netherlands explore cooperation in hydrogen ports

May 28, 2024
Oman takes part in Rotterdam Hydrogen Summit
Companies

Oman takes part in Rotterdam Hydrogen Summit

May 28, 2024
Oman launches strategic study on energy mix, storage options
Companies

Oman launches strategic study on energy mix, storage options

May 28, 2024
Next Post
44.01 signs pact for first-of-its-kind carbon removal project in Oman

44.01 signs pact for first-of-its-kind carbon removal project in Oman

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About

Oman’s single news and information resource and discussion platform for the dynamic energy sector.

Category

Local News
Green Hydrogen
Regional News
Carbon Capture
International News
Energy Cooperation
Companies
Energy Storage

Quick Links

Home
Publications
Advertise
Archive
Research Papers
Interviews
CCUS Forum
About Us
GHSO
Contact Us
info@energyoman.net
+968 29855714

© 2023 Energy Oman Magazine All Rights Reserved

No Result
View All Result
  • Home
  • About Us
  • EOSI
  • Events
    • GHSO 2023
    • CCUS Forum 2023
  • Archive
  • Media
    • Interviews
    • Press Releases
    • Publications
  • Advertise
  • Contact Us

© 2023 Energy Oman Magazine - Oman's single news and information resource and discussion platform for the dynamic energy sector.