Muscat: Oman’s oil and gas sector will witness growth over the next five years, Indian research firm Mordor Intelligence said in a recent report.

The report predicts that the Omani oil and gas market will grow at a compound annual growth rate of more than 5 percent during the period from 2023 to 2028.

According to the report, factors such as supportive government policies and efforts to develop the sector, along with future projects are expected to drive the growth of the market.

Additionally, the report noted that a large number of discoveries in recent years, and ongoing exploration activities are expected to provide a huge opportunity for market players in the oil and gas industry of the country.

The report pointed out that the majority of production in Oman comes from the oil and gas fields on land. Offshore exploration and production activities are relatively recent, and will take time to develop.

It also explained that the government of Oman has adopted a strategic policy to increase exploration activity in the country, noting that, for example, in December 2018, the Omani Ministry of Oil and Gas signed two contracts for oil and gas exploration with Occidental Oman worth $58 million, paving the way for the establishment of more than 10 wells drilled offshore in the country.

Source: Times of Oman