Lower oil prices hit Oman energy company’s revenue

Lower oil prices this year led revenue at Oman’s state-owned Energy Development Oman (EDO) to fall 11 percent year on year to $11.2 billion in the first nine months of this year, the latest company report said.

Oman sold its crude oil at an average price of $72 per barrel between January and September this year, down from $82.60 a year earlier, according to the National Center for Statistical Information.

Oman’s average daily oil production in the first nine months of this year dropped 0.1 percent year on year to 995,000 barrels, NCSI figures showed. 

The company has a 60 percent stake in crude oil production and 100 percent of gas extraction in block 6 operated by state-run Petroleum Development Oman. 

EDO also owns Hydrogen Oman (Hydrom), which is investing $20 billion in green-hydrogen projects across the sultanate. It plans to increase production by 20 percent to 1.4 million tonnes per year by 2030. 

In October, the company borrowed $1 billion to fund a planned expansion of its renewable energy operations.

Mazin al Lamki, chief executive of EDO, said the loan met its “primary goals of cost-efficiency and investor diversification”.

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