Oman has significant hydrocarbon resources, with proven crude oil reserves estimated at approximately 4.7 billion barrels and proven natural gas reserves around 25 trillion cubic feet. These figures highlight Oman’s position as a notable player in the oil and gas sector, contributing significantly to its economy.

The downstream sector in Oman, which includes the refining, marketing, and distribution of crude oil and natural gas, is governed by a comprehensive legal framework. The Ministry of Energy and Minerals (MEM) oversees this sector following a major governmental reform on 18 August 2020, which included the issuance of Oman Sultani Decree No. 96/2020 Amending the Name of the Ministry of Oil and Gas to the Ministry of Energy and Minerals, Determining Its Competences, and Adopting Its Organisational Structure. Oman Sultani Decree No. 96/2020 not only renamed the former Ministry of Oil and Gas to MEM but also consolidated it with the Public Authority for Mining, effectively bringing all related assets and responsibilities under one umbrella. Key aspects of the regulatory framework include:

• Licensing requirements: All dealings with petroleum resources require licenses from the MEM, ensuring that operations align with national interests and environmental standards.