Oman has laid out an ambitious $97.48 billion investment strategy for its energy sector through 2032, with green hydrogen set to take the largest share, according to a new report by the Energy Industries Council (EIC).

The EIC Oman Country Report details 76 projects across hydrocarbons, power, renewables, and transition technologies. It highlights the sultanate’s roadmap for rolling out hydrogen schemes, upgrading the national grid, and building export infrastructure in tandem.

The findings draw on EIC’s proprietary tools, including EICDataStream and EICAssetMap, which track global energy projects, infrastructure, and supply chain capabilities.

Hydrogen is described as central to Oman’s strategy, with 16 projects already identified. Two competitive auction rounds have awarded eight major hydrogen developments in Duqm and Dhofar, while a third is currently under way. The selected projects combine large-scale solar and wind generation with hydrogen production, much of which will be converted into ammonia for export.

Collectively, these ventures could see around $49 billion invested, supported by approximately 29 GW of renewable capacity. The scale positions Oman as a serious contender in the international clean energy market.

Beyond hydrogen, the report outlines significant commitments across other parts of the energy chain: $19.05 billion in downstream, $13.79 billion midstream, $9.86 billion renewables, $4.9 billion upstream, $1.08 billion power, $780 million in energy storage, $730 million in sustainable aviation fuel (SAF), and $150 million for carbon capture and storage (CCS).

Liquefied natural gas remains key to Oman’s near-term revenues, with the Marsa LNG project already in its engineering, procurement, and construction (EPC) phase and aiming to start up by 2028. In the downstream sector, the Duqm Refinery and Petrochemical Industries Company (DRPIC) complex is in early design, with completion targeted for 2029.

The report notes that global trends are influencing Oman’s downstream projects, pointing to shifting demand, stricter environmental regulations, and rising project costs. Large petrochemical and refining schemes worldwide have faced delays due to long payback periods and oversupply, particularly in markets such as China.

Oman also plans to expand renewable power generation by about 5.5 GW between 2027 and 2032. This will include 3.28 GW of solar photovoltaic, 0.6 GW of concentrated solar power, and 2.57 GW of onshore wind expected by 2030.

However, the EIC cautions that progress will depend on several critical factors. Final investment decisions (FIDs) for hydrogen projects will rely heavily on securing reliable offtake agreements. Grid integration will require significant energy storage, yet only small-scale battery units have so far been confirmed. Other hurdles include water requirements and brine disposal from hydrogen production, as well as potential delays caused by regional competition for contractors and raw materials.

“Oman’s approach pairs auctioned land, awarded to hydrogen developers through competitive rounds, with defined renewable energy inputs to power production,” said Shaheera Shaharuzzaman, EIC energy analyst and author of the report.

“Export volumes ramp as projects scale, while LNG and petrochemicals sustain near-term receipts. Power projects come online in set windows, and a reliable gas network reduces integration risk. This structure positions Oman to scale in stages while keeping the system stable,” he added.

Ryan McPherson, EIC’s Regional Director for the Middle East, Africa and CIS, praised the integrated design. “Across the technologies we track, few markets have joined the dots like Oman. The design encapsulates the whole system, with policy, land, power, and export channels pulled into one integrated plan,” he said.

“What this does is give investors a clear line of sight across the energy production chain, and room to grow without losing control. It’s a real opportunity for the country, and we’ll keep tracking delivery and surfacing project and supply-chain opportunities as they move from award to final investment decision and build,” he added.