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PDO Review
Navigating a path through the
energy transition Image Credit : PDO
Petroleum Development Oman (PDO) celebrates its 85th anniversary this year and looks in better shape than ever, but there is no doubt the company has its eyes fixed firmly on the future. Martin Clark reports.
The Yibal Khuff project will help meet Oman’s growing oil and gas demands.
ESPITE THE HUGE transformations facing the energy sector globally, Petroleum Development Oman (PDO) continues to look to the future with great confidence. This year, the company celebrates its 85th anniversary, after its foundation back in 1937. PDO has long defined Oman’s own energy production, accounting for the vast majority of its oil and gas output – it exported its first oil 55 years ago in 1967 – but now steers a path to alternatives and other options, including hydrogen, as the Sultanate prioritises sustainability and carbon reduction initiatives. Speaking at the 14 May, 2022 ‘PDO Day’ event, managing director Steve Phimister outlined the company’s illustrious history and pledged to build on those solid foundations “as we enter a new era and capture the
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opportunities that come with the energy transition”. He also promised “exciting times ahead”, as PDO evolves into a fully integrated energy company. “In full alignment with the Oman Vision 2040, we will grow our core hydrocarbon business and develop new low-carbon value chains, thereby sustaining our contribution to Oman for decades to come.”
Daily average production of crude oil increased to 1.04mn bpd during Q1 2022.”
Indeed, despite the rapid pace of change worldwide, economies both near and far need to be supported by consistency, with traditional energy production still integral to daily operations. That means Oman’s current production rates are flying high following a period of sustained investment and activity on the ground. Its daily average production of crude oil increased to 1.04mn bpd during the first quarter of 2022, up by 8.7% on the same period of last year, with total oil exports growing by 18% during the first three months of 2022. Inflated prices also meant that net oil revenues climbed 81% year on year to 1.09bn riyals during the first two months of this year. As such, PDO, and other energy companies in Oman, continue to spend in order to boost hydrocarbons production. A
