Petroleum Development Oman (PDO) on Tuesday announced the official launch of its new subsidiary company PDO Services LLC (PDO-S) to enable the commercialisation of the company’s expertise.
The new business will leverage the talent, knowledge and skills of PDO staff to offer niche technical and non-technical services to clients in a wide variety of areas.
The announcement, which follows the registration of the subsidiary by the Ministry of Commerce, Industry and Investment Promotion as a legal Limited Liability Company (LLC), marks a significant stride in PDO’s efforts to pursue opportunities outside its concession area.
PDO’s managing director RaoulRestucci said, “The commercialisation of our services and transition to renewables – underpinned by the launch of PDO-S as well as Energy Development Oman (EDO) – are transforming the very nature of PDO, and we look forward to establishing new supply chains, enhancing value delivery and partnering with local enterprises to provide unrivalled propositions in support of Oman 2040 principles of productivity and sustainability.”
He said, “Our overall aspiration is to broaden PDO’s remit beyond its current mandate and exploit new areas of value creation for Oman.”
The objectives of PDO-S include leveraging and commercialisingPDO’s technical and operating capabilities, accelerating technology transfer and transitioning PDO and Oman to new energies, and supporting a knowledge-based economy in the country.
PDO-S, which will be based at Mina Al Fahal, will provide services in seven main spheres: Upstream learning and development; exploration geo-solutions; health, safety and environment (HSE) and logistics; field development planning; front-end engineering design (FEED) consultancy; project management consultancy and innovative technologies.
It is hoped that the launch of PDO-S will pave the way for significant job creation, talent development and potentially lucrative knowledge export opportunities.
PDO’s new business development manager Dawood al Qassabi said, “The establishment of PDO-S comes against an external backdrop of challenging oil and gas market conditions and long-term structural changes. We aim to capitalise on PDO’s strong funnel of Omani talent and inherent capacity and competitive edge in niche areas to deliver a raft of services in which we have established a strong reputation over the years.”
PDO-S will commercialisePDO’s strong technical capabilities, inherent capacity and competitive edge in niche areas such as enhanced oil recovery (EOR), geo-solutions, innovative technologies and others.
PDO-S operates locally, regionally and internationally. Locally, PDO-S will be focusing on establishing new supply chains and complementing and filling capability gaps in the Omani market. Regionally and internationally, PDO-S will be offering conventional and niche services for clients who want to tap into PDO’s vast experience and resources.
In December last year, the sultanate established EDO, wholly-owned by the government of Oman, to fund the expansion of the PDO operated Block 6 concession area and the country’s energy offerings, including renewables.