Skip to content Skip to Search
Skip navigation

Oman begins work to develop geothermal energy resources

By Pramod Kumar
REUTERS/Darren Whiteside
The second phase will include an assessment of the economic feasibility of the development of potential geothermal resources in Oman

US oilfield services firm SLB is collaborating with the Omani government to develop geothermal resources in the country.

The Texan company is working with Oman’s Ministry of Energy and Minerals and its sovereign wealth fund, Oman Investment Authority. 

This follows the completion of an extensive project to evaluate data from more than 7,000 oil, gas and water wells, with the objective of mapping sweet spots for geothermal prospects in the country.

Commissioned by the Omani authorities, the SLB experts assessed surface, sub-surface and well data over three months.

“Geothermal is one of the world’s most promising clean energy resources, and it has a crucial role to play in reaching net-zero targets,” said Houston-based Gavin Rennick, president of SLB’s new energy business.

In the initial phase of the collaboration, SLB’s geothermal consulting team used an artificial intelligence solution to expedite the assessment, sorting and evaluation of the huge volume of data from the Oman oil and gas data repository, and delivered a comprehensive review of Oman’s geothermal potential.

The next phase will include an assessment of the economic feasibility of the development of potential geothermal resources.

“This collaboration between the Ministry of Energy and Minerals, Oman Investment Authority and SLB is in line with Oman’s efforts to decarbonise the energy sector and achieve its net zero goal,” said Omani minister of energy and minerals Salim Al Aufi.

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]