Page 15 - MEOG Week 20 2021

MEOG NEWS IN BRIEF MEOG

some heavy oil but it needs some kind of EOR Chevron operates and holds a 25% stake operating capabilities, accelerating technology
[enhanced oil recovery]. If the price stays in the Tamar gas field. It produced a total of transfer and transitioning PDO and Oman to
where it is and the market grows, we could 8.2 billion cubic metres (bcm) of gas in 2020, new energies, and supporting a knowledge-
produce a little bit more over time,” Rumhy of which 7.7 bcm went to Israel, 0.3 bcm to based economy in the country.
said. “We’ve been focusing on looking for gas, neighbouring Egypt and 0.2 bcm to Jordan. PDO-S, which will be based at Mina
and every time you discover gas there is a ARAB FINANCE Al Fahal, will provide services in seven
good chance you will discover condensates.” main spheres: Upstream Learning and
Condensates are exempt from the OPEC Development; Exploration geo-solutions;
production quota. SERVICES Health, Safety and Environment (HSE) and
“In Oman, we are a small producer, so Logistics; Field Development Planning;
5,000 b/d or 10,000 b/d means a lot. We are PDO Services Company Front-End Engineering Design (FEED)
talking about tens of thousands of barrels. Consultancy; Project Management
In oil, managing the natural decline is our officially launched Consultancy (PMC); and Innovative
focus. In gas, we have an opportunity to add Technologies.
a few thousand barrels of condensate,” the oil Petroleum Development Oman’s (PDO) It is hoped that the launch will pave
minister said. announced the official launch of PDO the way for significant job creation, talent
Oman’s economy has been severely hit Services (PDO-S) Limited Liability Company development and potentially lucrative
by the oil price crash and the pandemic. It is (LLC), a PDO subsidiary, to enable the knowledge export opportunities.
estimated to have accrued a deficit of 17% of commercialisation of the company’s expertise. PDO New Business Development
GDP in 2020, according to the International The new business will leverage the talent, Manager Dawood Al Qassabi added: “The
Monetary Fund. Revenues from the Sultanate’s knowledge and skills of PDO staff to offer establishment of PDO-S comes against an
hydrocarbon sector account for about 80% of niche technical and non-technical services to external backdrop of challenging oil and gas
its national budget. clients in a wide variety of areas. market conditions and long-term structural
S&P PLATTS The announcement, which follows the changes. We aim to capitalise on PDO’s strong
registration of the subsidiary by the Ministry funnel of Omani talent and inherent capacity
of Commerce, Industry and Investment and competitive edge in niche areas to deliver
GAS Promotion as a legal LLC company, marks a a raft of services in which we have established
significant stride in PDO’s efforts to pursue a strong reputation over the years.”
Chevron closes Israel’s opportunities outside its concession area. TIMES OF OMAN
PDO Managing Director Raoul Restucci
Tamar gas field said, “The commercialisation of our Aramco to co-lead report
services and transition to renewables –
Chevron Corporation shut down the Tamar underpinned by the launch of PDO-S as well on cyber resilience in oil
natural gas platform off the Israeli coast, as Energy Development Oman (EDO) – are
which supplies Egypt with natural gas, transforming the very nature of the Company, industry
following the wave of unrest in the region, and we look forward to establishing new
Reuters reported. supply chains, enhancing value delivery Saudi Aramco is co-leading a report on cyber
It remains unclear how the shutdown could and partnering with local enterprises to resilience in the oil and gas industry with the
impact its business with Egypt, if at all. provide unrivalled propositions in support World Economic Forum (WEF) and Siemens
“In accordance with instructions received of Oman 2040 principles of productivity Energy, the Saudi Arabian state oil giant wrote
from the Ministry of Energy, we have shut-in and sustainability. Our overall aspiration is on Twitter.
and depressurised the Tamar Platform,” the to broaden PDO’s remit beyond its current Aramco added that the report is “a
company said. mandate and exploit new areas of value collaboration involving 40 major industry
The Tamar platform is located some 25 creation for Oman.” players to shape the future of cyber security in
kilometers off the city of Ashdod along Israel’s The objectives of PDO-S include leveraging the oil and gas industry”.
southern Mediterranean coast. and commercialising PDO’s technical and REUTERS

Week 20 19•May•2021 www. NEWSBASE .com P15