OQ: Evolving energy landscape a strategic blend of various resources

Speaking at the Oman Petroleum & Energy Show (OPES) on Tuesday, Dr Anwar al Kharusi, OQ Vice-president of Business Development, shed light on the future of the global energy mix.

He dispelled the notion of a straightforward transition from one dominant source to another, instead advocating for a more nuanced perspective: a strategic blend of various resources.

Dr Al Kharusi acknowledged the continued relevance of fossil fuels, particularly oil and gas, which currently comprise roughly 75 per cent of the global energy mix, with oil itself contributing a significant 50-60 per cent share.

However, he underscored a critical shift in investment trends. Financial institutions are increasingly prioritising ‘lighter’ oil and gas projects with lower environmental impact.

This strategic shift is driven by the demonstrably larger carbon footprint associated with heavy oil and Enhanced Oil Recovery (EOR) projects.

Conversely, gas presents a cleaner alternative that is also readily deployable across diverse industries, making it a more attractive proposition for investors, he noted.

This trend towards gas is not merely a global phenomenon, it is also reflected in the strategic direction of OQ, Oman’s global integrated energy group. While oil will not be entirely sidelined, the focus is demonstrably shifting towards gas projects, reflecting a recalibration within the energy landscape, he pointed out.

Going beyond this current shift, Dr Al Kharusi emphasised the crucial role of integrating renewable energy sources into existing infrastructure.

He cited OQ’S collaboration with Totalenergies on the Marsa LNG project as a prime example of this forward-thinking approach. This project exemplifies the strategic blending of natural gas with solar power, resulting in a cleaner energy mix with a reduced carbon footprint, he remarked.

Looking ahead, Al Kharusi envisions a future where the energy mix is a carefully curated blend, not a simple replacement of one source with another.

Fossil fuels will continue to play a vital role, but with a growing emphasis on cleaner options like gas and a seamless integration of renewable energy sources.

This integrated approach holds the key to enhancing the competitiveness of renewable energy and paving the way for a more sustainable future, he added.

Conversely, gas presents a cleaner alternative that is also readily deployable across diverse industries, making it a more attractive proposition for investors

DR ANWAR AL KHARUSI OQ Vice-president of Business Development