Total revenues of Oman LNG surged 31% to US$3.3bn in 2021

Muscat – Oman LNG Company on Sunday announced that its liquefied natural gas (LNG) production reached to a record level of 10.6mn metric tonnes during the year 2021 compared with 10.2mn tonnes in the previous year, an increase of nearly four per cent.

The company expects its production capacity to reach more than 11mn metric tonnes this year after the completion of strategic projects in its industrial complex in Sur.

During 2021, Oman LNG continued its progress in implementing several strategic projects that are nearing completion to boost productivity. These projects include: the plant renewal project, the project to raise efficiency of the production of liquefaction trains, and the modern energy project that uses gas engine technology to raise efficiency.

‘The early results of these projects contributed to an increase in production rates which reached record level of 10.6mn metric tonnes in 2021 compared to 10.2mn tonnes in 2020. It is expected that the production capacity will reach more than 11mn metric tonnes after the completion of the strategic projects in the industrial complex,’ Oman LNG said in a statement to Oman News Agency.

Revenues surge

Oman LNG’s total revenues surged by 31 per cent to US$3.278bn in 2021 compared with the previous year, thanks to the higher prices and recovery in the global energy sector, according the company’s yearly report.

On the back of increased revenues, Oman LNG’s net income for the year 2021 grew by 34 per cent to US$886mn compared with US$663mn in 2020.

The company’s report indicated that the LNG sector provided the sultanate’s government with gas revenue of about US$2.873bn during the past year.

Talal bin Hamid al Awfi, chairman of Oman LNG, said that the company demonstrated its complete readiness and high flexibility to adapt to exceptional circumstances during the past period and face all challenges and difficulties to implement its business at the highest levels.

He noted that the company achieved high positive results in revenues and net income during 2021, which are close to the levels achieved during the pre-pandemic years.

As the company continued its positive performance, Awfi said Oman LNG intends to work with many partners to promote and develop the energy sector in Oman.

Oman LNG last year allocated around US$37mn for its social responsibility programmes and initiatives.

Maintaining its position in the global energy markets, Oman supplied energy to more than 20 countries around the world. A total 163 LNG shipments were delivered to the customers around the world during the last year – 119 shipments by Oman LNG and 44 shipments by Qalhat LNG.

Oman LNG directly and indirectly undertake project operations and related activities essential to liquefy, store, transport and market Oman’s natural gas and to deliver LNG to customers. The company operates three liquefaction trains at its site in Qalhat near Sur.