Oman LNG reports decline in 2023 net income

State-owned Oman LNG's net income after tax (NIAT) in 2023 was $1.5bn, down 21% year/year, according to the company's 2023 annual report published on April 23. 

Oman LNG's total revenue amounted to $4.9bn, down from $5.8bn in the preceding year. The company delivered 173 LNG cargoes in 2023, marginally lower than the 176 cargoes dispatched in 2022.

A significant portion of Oman LNG's cargo deliveries in 2023—approximately 94%—was executed under long-term contractual agreements. The remaining cargoes were allocated to the spot market. 

Oman LNG is primarily owned by the government of Oman with a 51% stake, alongside ownership shares held by Shell (30%), Total (5.4%), Kogas (5%), and various Japanese and Omani firms holding stakes under 3%. It has been actively securing LNG supply agreements in recent weeks, having signed deals with TotalEnergies, Botas, Japan's Jera and global energy giant Shell.

Oman LNG last year signed agreements to extend supplies to shareholders including Shell and TotalEnergies for up to 10 years beyond 2024.