Much of Oman’s activity is being fueled by the strong and positive outlook for oil. The oil and gas sector remains the mainstay of the economy, taking up the major share in the country’s GDP contribution (about 48.3%) Nearly 84% (US$ 28.6 billion) of total revenue in 2013 will come from the oil and gas industry, 3% more than 2012.
Currently, the government is seeking to increase exploration and production operations of reserves, invest in the discovery of new oil and gas fields, attract investments into Oman’s petroleum resources, and continuing to place importance on enhanced oil recovery techniques. It has allocated a good amount of funds for development projects and has a planned expenditure of US$ 33.5 billion for 2013, 29% above the 2012 allocation. The significant infrastructure already in place, along with the active development of domestic capability and cooperation with international oil companies, contributes much to the bright future of the sector.