Petroleum Development Oman Unveils New Purpose & Strategy

Petroleum Development Oman (PDO), the sultanate’s leading oil and gas exploration and production company, on Tuesday unveiled its new corporate purpose and strategy, outlining how it will continue to serve Oman and deliver value to the sultanate in a rapidly changing and volatile energy landscape. The company’s new purpose – ‘Building a sustainable and low-carbon future to maximize value for Oman’ – replaces its previous vision and mission which were established more than ten years ago.

The official launch of PDO’s new purpose was announced at the Oman Sustainability Week (OSW) conference and exhibition, which PDO co-hosted with the Ministry of Energy and Minerals for the second consecutive year. In the exhibition, PDO showcased its refreshed strategy at an exhibition booth, giving attendees a glimpse of its existing projects and future plans to generate sustainable revenue for Oman today and in the low-carbon future.

Addressing a media gathering, PDO’s managing director Steve Phimister said, “Maximizing value for Oman is at the heart of our purpose, to fulfill our role in contributing to Oman’s Vision 2040 and net zero emissions 2050. PDO is committed to both cost and carbon competitiveness – safely, efficiently and sustainably growing our core oil and gas business whilst minimizing emissions from our operations.”

Under its new strategy, PDO aims to pioneer the new energy landscape, leading technology deployment, operational excellence, decarbonization and supply chain development for Oman’s oil and gas industry. Phimister added, “oil and gas has a role in the global energy system for decades to come, but hydrocarbon development must be sustainable. We have a responsibility to sustain the current energy system whilst we build the new (low carbon) energy system. PDO has bold plans to safely increase oil and gas production whilst at the same time halving its emissions. And PDO is well-positioned, in partnership with others, to build sustainable, low-carbon revenue streams for the future of Oman.”

PDO conducted an interactive session with local and international media representatives to introduce the refreshed strategy and the new purpose during its participation in OSW. The company announced that it achieved good results during 2022 as its oil and gas production reached 660,00 barrels due to improved efficiency of fields and use of modern technologies in the production process. Phimster explained that PDO aspires to increase its oil and gas production to more than 700,000 barrels per day in the coming years while reducing carbon emissions and unit operating costs.