Page 14 - MEOG Week 11 2023

MEOG NEWS IN BRIEF MEOG

COMPANIES revenue to $2.67 billion, up 18% year-on-year, technology deployment, operational
with EBITDA up 18% to $1.23 billion. excellence, decarbonisation and supply chain
ADNOC Drilling board give ADNOC DRILLING development for Oman’s oil and gas industry.
Phimister added, “oil and gas has a role
dividend recommendation PDO unveils its new in the global energy system for decades to
come, but hydrocarbon development must be
ADNOC Drilling announced that its Board purpose and strategy sustainable. We have a responsibility to sustain
of Directors recommends a final dividend the current energy system whilst we build
payment of $341.25 million for 2022, subject Petroleum Development Oman (PDO), the the new (low carbon) energy system. PDO
to shareholder approval at the upcoming sultanate’s leading oil and gas exploration and has bold plans to safely increase oil and gas
Annual General Meeting. production company, on Tuesday unveiled production whilst at the same time halving
In its first full year since listing in 2021, the its new corporate purpose and strategy, its emissions. And PDO is well-positioned, in
Company has delivered enhanced shareholder outlining how it will continue to serve Oman partnership with others, to build sustainable,
returns with a total 2022 dividend of $682.5 and deliver value to the sultanate in a rapidly low-carbon revenue streams for the future of
million. ADNOC Drilling’s dividend policy changing and volatile energy landscape. Oman.”
is progressive, reflecting robust underlying The company’s new purpose – PDO conducted an interactive session with
cash flow, and the annual distribution is ‘Building a sustainable and low-carbon local and international media representatives
expected to grow by at least 5% per annum on future to maximise value for Oman’ – to introduce the refreshed strategy and the
a dividend per share basis over the next four replaces its previous vision and mission which new purpose during its participation in OSW.
years (2023- 2026). were established more than ten years ago. The company announced that it achieved
Abdulrahman Abdullah Al Seiari, Chief The official launch of PDO’s new purpose good results during 2022 as its oil and gas
Executive Officer of ADNOC Drilling, was announced at the Oman Sustainability production reached 660,00 barrels due to
commented: “The attractive value proposition Week (OSW) conference and exhibition, improved efficiency of fields and use of
that we offer is backed by our recently which PDO co-hosted with the Ministry modern technologies in the production
published record 2022 results, stable and of Energy and Minerals for the second process.
predictable cash flow and a progressive consecutive year. Phimster explained that PDO aspires to
dividend policy that reaffirms our ongoing In the exhibition, PDO showcased its increase its oil and gas production to more
commitment to shareholders. As we acquire refreshed strategy at an exhibition booth, than 700,000 barrels per day in the coming
and deploy new rigs, expanding our services giving attendees a glimpse of its existing years while reducing carbon emissions and
even further, our revenue will grow along with projects and future plans to generate unit operating costs.
shareholder returns.” sustainable revenue for Oman today and in MUSCAT DAILY
The Company will hold its Annual General the low-carbon future.
Meeting on April 3, 2023 where shareholders Addressing a media gathering, PDO’s
will be asked to consider and approve, among managing director Steve Phimister said, OIL
other things, the Board’s proposal to distribute “Maximising value for Oman is at the heart of
a final dividend payment for 2022 of $341.25 our purpose, to fulfill our role in contributing Fujairah port set for growth
million. The dividend will be paid in line to Oman’s Vision 2040 and net zero emissions
with the UAE Securities and Commodities 2050. PDO is committed to both cost and as Russian oil trade
Authority regulations. carbon competitiveness – safely, efficiently
ADNOC Drilling recently announced and sustainably growing our core oil and gas reshuffles
exceptional 2022 results, beating market business whilst minimising emissions from
expectations and delivering record net our operations.” Oil storage demand and transit volumes are
profit of $802 million, up 33% year-on-year. Under its new strategy, PDO aims to poised to grow further at the UAE’s Fujairah
Outstanding operational growth drove pioneer the new energy landscape, leading port this year as Russian trade flows continue

P14 www. NEWSBASE .com Week 11 15•March•2023