20/10/2014 07:22 AST
Oman’s oil and gas sector will have to play an increasingly prominent role in addressing some of the Sultanate’s most pressing challenges including creating greater in-country value (ICV), supporting the development of small and medium enterprises (SME), and fostering innovation and human development as part of a broader strategy to transform the country from a hydrocarbon-based economy into a sustainable, knowledge-based one.
With oil and gas production accounting for about half of Oman’s gross domestic product (GDP), the energy sector plays a crucial role in the Sultanate, not only as a source of government revenues but also as an employer of Omanis and a provider of know-how and technology. Local and international oil and gas experts will debate ways of tackling the challenges the Sultanate is confronted with at this year’s Oman Energy Forum, to be held in Muscat on October 21 under the theme ‘Oman 2014: Global Ambitions, Critical Local Challenges’.
“Given the oil and gas sector’s size and weight in the local economy, it will have to be at the forefront of tackling the challenges we are facing today, and we’re proud to be the Title Partner at the 2nd Gulf Intelligence Oman Energy Forum,” said Isam al Zadjali, CEO of Oman Oil Company.
He added: “It is critical to address the issues of In Country Value (ICV), human capital, innovation and SME with a sense of urgency as the country moves ahead with the implementation of its development plans.”
Oman’s strategy for the oil and gas sector aims at empowering all aspects of the domestic oil and gas supply chain, ranging from providing technical assistance and expertise to small-scale local manufacturers to training people for jobs in the energy sector, while also ensuring that operators give back to the community.
At the same time, Oman will have to reassess future allocations of its domestic hydrocarbon resources. The Sultanate will have to more than double domestic power generation capacity by 2020 if electricity demand continues to grow at the existing rate of about 10 per cent annually, adding significant pressure on the Sultanate’s already tight natural gas resources used to fire local power stations and feed domestic industries such as petrochemicals.
Rising energy demand presents Oman with a string of challenges. The Sultanate will have to devise a long-term strategy to diversify its energy mix and add alternative power generation sources. In addition, it must continue exploring options to secure reliable gas import channels, while also having to decide on whether or not to let its liquefied natural gas (LNG) export commitments expire in the next decade and forego on much needed revenues to save gas for domestic power generation
Other events shaping Oman and the role of the domestic energy sector in the years to come that will be discussed at the forum include: How should Oman’s Draft New Labour Law be Consistent and Aligned with Energy Industry Requirements, Practices and Standards? Tight and Shale Gas Developments Using Locally Developed Technologies Could One Day Reverse the Sultanate’s Feedstock Fortunes — Wishful Thinking? Enhancing EOR: What EOR Technology Gaps Still Exist in Oman and What R&D Should be Done In-country to Deliver Solutions for the Short and Medium Term? Oman Oil Company is Title Partner for the forum, and Petroleum Development Oman and BP are Premier Partners.
The Gulf Intelligence Oman Energy Markets Forum will take place in Muscat on October 21 2014, and speakers will include: Nasser bin Khamis al Jashmi, Under-Secretary, Ministry of Finance, Oman; Ngosi Mwihava, Deputy Secretary, Ministry of Energy & Minerals, Tanzania; Jonas Moberg, Head of Secretariat, Extractive Industries Transparency Initiative (EITI); Mulham al Jarf, Deputy CEO, Oman Oil Company; Raoul Restucci, Managing Director, Petroleum Development Oman; and Gong Changli, CEO, Daleel Petroleum.
Oman Daily Observer
Please wait...
