Energy sector to play key role in economic transformation

22/10/2014 07:04 AST

Oman’s energy sector needs to build on its pioneering role in enhanced oil recovery (EOR) and tight gas developments in the Middle East to drive the Sultanate’s ongoing transformation into a diversified knowledge economy, Oman Oil Company’s top executive told the 2nd Gulf Intelligence Oman Energy Forum yesterday. Oman’s hydrocarbons sector, which accounts for roughly half of Oman’s gross domestic product (GDP) according to the country’s Ministry of Finance, is a major employer of Omanis and has brought some of the most sophisticated technologies for oil recovery to the Sultanate. Given the sector’s dominant role in the Sultanate, it will have to be at the forefront of addressing pressing domestic challenges such as supporting the development of small and medium enterprises (SMEs), and fostering innovation and human development as part of a broader strategy to create greater in-country value (ICV) and transform the country into a sustainable, knowledge-based economy from a hydrocarbon-based one.

As larger number of Oman’s young and growing population are entering the domestic job market, matching workers’ skills with rapidly-evolving labour market requirements in particular has emerged as a top concern among industry and government leaders in recent years. This is of particular importance in a highly-competitive, globalised world constantly striving to improve productivity, and requires a best-practice approach to education and training as part of a broad ‘skills matching’ strategy, industry experts said at the event, which was held under the theme ‘Oman 2014: Global Ambitions, Critical Local Challenges’.

Oman Daily Observer