Oman Surpasses $38 Billion in Green Hydrogen Investments Amidst 22.5 GW Renewable Surge

Oman continues its robust stride in the green h2 landscape, accumulating a staggering $38 billion in investments this year. The country’s renewable capacity has concurrently surged to an impressive 22.5 gigawatts (GW). These milestones were revealed during the Oman Green Hydrogen Summit in Muscat, underscoring the nation’s commitment to sustainable energy solutions.

Key Developments:
Dhofar Region Agreement: The latest announcement revolves around the agreement in the Dhofar region by hydrom, marking the sixth project development deal. These initiatives now collectively contribute to 925 kilotons per annum (ktpa) of hydrogen production.

Green Hydrogen Targets: Oman remains steadfast in its commitment to achieving a green hydrogen production target of 1 megaton per annum (Mtpa) by 2030. This ambitious goal aligns with the country’s broader strategy for sustainable energy.

June Project Awards in Duqm: Earlier in June, Oman awarded five projects in Duqm, amounting to a substantial $30 billion in investments. These projects encompass 18 GW of renewable capacity and 750 ktpa of hydrogen production. The Sultanate has dedicated 50,000 square kilometers of land, as per Royal Decree, for green hydrogen production projects.

InfraCo. Launch: A significant development this month includes the launch of InfraCo., a new state entity geared towards propelling infrastructure development in electricity, pipelines (OQGN), and water sectors.

Challenges and Opportunities:
Fossil Fuel Dependency: Oman faces the challenge of reducing its heavy reliance on fossil fuels, with approximately 70% of its revenues stemming from oil and gas. A notable portion of unabated fossil hydrogen, around 0.35 Mt, is utilized for refining in Oman.

COP28 Impact: Despite facing challenges, the Summit coincided with the COP28 headline deal to phase out fossil fuels, highlighting the urgency and importance of Oman’s green hydrogen endeavors.

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