Oman LNG logs lower production, revenue

State-owned producer Oman LNG has reported a decline in production for 2020 as revenue also dropped due to lower prices hit by the Covid-19 pandemic.

The producer operates three LNG trains in Qalhat, near Sur with a total capacity of 10.4 million tonnes per year sourcing gas from the central Oman gas field complex.

The government of Oman holds 51% in Oman LNG while energy giant Shell has a 30% stake. Other shareholders include Total (5.54%), Korea LNG (5%), Partex (2%), Mitsubishi (2.77%), Mitsui (2.77%) and Itochu (0.92%).

Oman LNG said in its annual report it had shipped in total 155 cargoes or 10.2 million tonnes of liquefied natural gas last year.

This compares to 166 cargoes or 10.7 million tonnes of LNG the producer has exported in the year before.

Oman LNG said its revenue dropped to $2.5 billion from $3.84 billion a year earlier.

Moreover, net income after tax dropped to $663 million from $1.11 billion in 2019, the producer said.

“The Covid-19 pandemic took the fossil fuel industry by storm. Every arm of our operation was stretched in its capacity to weather the financial fallout without compromising our core values,” Harib Al Kitani, who retired as Oman LNG’s CEO, said.

Worth mentioning here, Shell has recently signed a deal with Oman LNG to ship the first carbon-neutral cargo from the export facility in Qalhat.

The cargo would be the first carbon-neutral LNG from the Middle East, according to the duo.

- Advertisements -

Most Popular

Chevron working to resume full Gorgon LNG production after ‘mechanical fault’

Chevron Australia, a unit of US energy giant Chevron, is working to resume full production from its Gorgon LNG...

Commissioning of India’s Chhara LNG terminal delayed

India’s Hindustan Petroleum, a unit of state-owned ONGC, has reportedly delayed the commissioning of its Chhara LNG import terminal...

Tellurian’s net loss widens in Q1, Driftwood LNG talks continue

US LNG firm Tellurian reported a widening first-quarter loss on Thursday, as it continues to work to secure financing...

More News Like This

Shell’s Q1 profit drops to $7.73 billion, LNG sales slightly down

LNG giant Shell reported a decrease of 19.8 percent in its adjusted earnings in the first quarter this year,...

Oman LNG delivered 173 cargoes last year, revenue reached $4.9 billion

State-owned Oman LNG delivered 173 cargoes of liquefied natural gas from its Qalhat complex in 2023, down by three...

Mitsui: no decision on Adnoc’s LNG project

Japan's trading house Mitsui & Co said nothing has been decided on an LNG project in the United Arab...

TotalEnergies takes FID on Marsa LNG bunkering project in Oman

French energy giant TotalEnergies has taken a final investment decision on the Marsa LNG bunkering project in Oman. Technip...