The Oil & Gas industry has evolved almost beyond recognition in recent years. The outlook for the global economy remains deeply uncertain and if economic conditions deteriorate, oil and gas companies have to scale back their spending commitments.
Oil has been the driving force of the Omani economy since Oman began commercial production in 1967. Oman’s national oil company Petroleum Development Oman (“PDO”) is the primary oil producer which is 60% owned by the Government and balance 40% being held by foreign partners. Apart from PDO, certain other companies like Occidental, Japex etc., extract significant quantities of oil in Oman.
Gas in Oman was discovered in 1978 in Yibal/ Natih field. In order to meet the Gas demand emanating from power generation and water desalination, gas fields were put on production. Oman government understood the importance of Gas as a greener source of energy and aims to develop local industries for sustained balanced economic growth. Oman also has natural gas reserves that may play a leading role in fueling the Sultanate’s industrial growth in the coming years.
For many years now, Crowe Oman has provided advice and support to companies engaged in the oil and gas market. Our specialists have extensive knowledge of the industry and of applicable laws and regulations. Complementary to our services in the field of tax and accountancy are legal advice and international advice, relevant to the oil and gas. While working with Crowe Oman we can support you with