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Thursday, April 25, 2024 21:51 GMT
Oman’s consumption of natural gas rose by 16.4 % year-on-year in the first nine months of 2022, thanks to a sharp rebound in economic activity this year. Total consumption of natural gas increased to 39,197 Mcm during the January–September period of 2022 against 33,666 Mcm in the corresponding period of 2021. The growth in natural gas consumption was driven by increased demand from industrial projects, oilfields and power generation plants, the Ministry of Energy and Minerals’ figures released by the National Centre for Statistics and Information (NCSI) showed.To meet the domestic demand, Oman produced and imported a total of 39,197 Mcm natural gas during the January–September period of this year, which is more than 16 % higher compared to the total of production and imports in the first nine months of 2021. Increased gas consumption reflects the sharp rebound in Oman’s economic activity. The sultanate’s economy is witnessing a remarkable expansion this year as elevated oil prices, increased hydrocarbon production and stronger non-oil growth have provided a much needed boost to the country’s GDP.Oman’s nominal GDP – gross domestic product at current market prices – recorded a whopping 32.4 % growth in the first half of 2022, the fastest economic expansion in over a decade, official data showed. Industrial and manufacturing sector activities have recorded robust growth this year. The value of overall industrial sector output grew 26.2 % in the first half of 2022, while manufacturing expanded by more than 65 % on year-on-year basis.Industrial projects, the biggest natural gas consuming sector in the sultanate, recorded total gas consumption of 23,176 Mcm in the first nine months of this year, which is 19.3 % higher as compared to 19,421 Mcm consumption in the same period a year ago. Gas usage in the oilfields increased by more than 12 % to 9,842 Mcm in the first nine months of this year against 8,745 Mcm in the same period of 2020. Natural gas consumption at Oman’s power generation plants also increased nearly 12 % to 5,995 Mcm this year as compared to 5,356 Mcm in the same period of 2021.