PDO UNVEILS ITS NEW PURPOSE AND STRATEGY

It$$s difficult to discuss the energy sector within the Sultanate of Oman without mentioning Petroleum Development Oman LLC $($PDO$).$ Founded in $1937$ at the direction of Sultan Said bin Taimur, the business is one of the leading oil and gas exploration and production companies in the GCC region overseeing an area of $90,000$ square kilometres, or approximately one$-$third of Oman$$s geography. PDO operates around $200$ oil fields, $55$ natural gas fields, $9,000$ active wells and maintains a national workforce of more than $8,500$ staff and $70,000$ contractors.

PDO, majority$-$owned by the government, works closely with many local companies as well as international partners in the efficient and safe exploration of Oman$$s hydrocarbon reserves. Since $1937,$ PDO has worked towards transforming the country into a net exporter of oil and natural gas. It boasts an enviable track record in locating and developing fields in complex geological formations. PDO has been instrumental in boosting Omani oil production towards the million barrels per day mark. Recognized globally for driving down the cost of enhanced oil recovery $($EOR$)$ techniques, adopting lean continuous business improvements and furthering research into the development of sustainable exploitation practices, PDO invests heavily in education and training programmes aimed at developing skillsets and providing opportunities to all levels from school leavers through to PhD graduates. The company is currently working with its partner Glass Point on constructing the $1$GWth $($gigawatt thermal heat$)$ Miraah solar facility, slated to start production later this year and the largest of its kind in the world. The plant will produce the steam $6,000$ tonnes per day $$ needed for thermal EOR at the Amal field in southern Oman. PDO is committed to the highest standards of corporate governance. Management has consistently kept the company streamlined and agile in order to ensure optimum returns from the country$$s natural resources.

In recent years, PDO expanded its scope and moved towards becoming a fully$-$fledged energy company, with renewables and a green agenda playing an increasingly important part. PDO plays an important part in the country$$s economic expansion and diversification, providing support in areas such as job creation and training, developing local expertise and promoting numerous social investment programs. And to enable it to manage the various assets, resources and technologies that are required for its non$-$hydrocarbon functions, the business contracted Carillion Alawi LLC to provide Integrated Facilities Management $($IFM$)$ across its $12$ locations.

In the early $2023,$ PDO 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. It also refreshed its strategy giving a glimpse of its existing projects and future plans to generate sustainable revenue for Oman today and in the low$-$carbon future. Explaining this, its Managing Director Steve Phimister said: "Maximising value for Oman is at the heart of our Purpose, to fulfil 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 minimising emissions from our operations"

Under its new strategy, PDO aims to pioneer the new energy landscape, leading technology deployment, operational excellence, decarbonisation and supply chain development for Oman's oil and gas industry. Steve added: "Oil & 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 & 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"

$1.$An evaluation of the trends in the macro environment that would influence the Oman Petroleum Industry using PEST Model.

$2.$ An analysis of the attractiveness of Oman Petroleum Industry using Porter$$s Five Forces Model.

$3.$ Perform a SWOT analysis of PDO.