Oman will be the largest hydrogen exporter in the Middle East and the sixth largest globally by 2030, per a new report released by the International Energy Agency (IEA). Oman aims to produce at least 1 million tonnes of renewable hydrogen a year by 2030, up to 3.75 million tonnes by 2040 – and up to 8.5 million tonnes by 2050, which would be greater than the total hydrogen demand in Europe today. The 2040 hydrogen target would represent 80 percent of Oman’s current LNG exports in energy-equivalent terms while achieving the 2050 target would almost double them. According to the report, scaling up renewable hydrogen production in Oman to 1 million tonnes by 2030 would require a cumulative investment of around $33 billion and an additional $4 billion to bring renewables’ share of the national electricity mix to 20 percent.
- Oman on track to become the largest green hydrogen exporter in the Middle East – IEA