Amid the much larger circus centered on the Saudi Aramco IPO this week (MEES, 6 December), Oman is quietly advancing a public offering of its own. Oil Minister Muhammad al-Rumhy told a conference in Dubai this week that the Sultanate plans to offer up to 20-25% ownership of Oman Oil Co. (OOC) by the end of 2020.
Unlike Oman’s big state-led oil and gas producer PDO (Oman 60%, Shell 34%, Total 4%, PTT 2%) which produces two-thirds of the Sultanate’s 970,000 b/d of liquids, OOC tends to act as junior partner at key IOC-operated projects like BP’s 1bn cfd Khazzan gas project (30% to OOC), Occidental’s 120,000 b/d Muzkhaizna heavy oil field (20% OOC), and several other projects. (CONTINUED - 311 WORDS)
