Muscat – Energy Development Oman (EDO) – the newly established state-owned energy firm to fund the expansion of the Petroleum Development Oman operated Block 6 concession area and the sultanate’s energy offerings, including renewables – has launched its new brand identity by unveiling its corporate vision and logo.
EDO was set up in Muscat in December 2020 to take over the government’s 60 per cent stake in Petroleum Development Oman’s (PDO) Block 6 oil and associated gas, and 100 per cent in its Block 6 non-associated gas and condensate. PDO continues to operate Block 6, and EDO, through PDO, is responsible for the bulk of Oman’s hydrocarbon output.
EDO said its vision – ‘To be a world-class partner for growth, driving a sustainable energy future’ – will guide the business towards achieving its objectives. The company’s objectives include: Creating a vehicle for growth, enhancing efficiencies and governance in Oman’s oil, gas and new energies sector; alleviating the government’s Block 6 funding requirements; and unlocking the value through diversification and value chain integration.
In a statement, EDO’s interim CEO Haifa al Khaifi said, “EDO’s ambitious vision is inspired by Oman Vision 2040 of transitioning to renewables, leveraging world- class development opportunities and maximising value for Oman. The new logo, which was designed by PDO’s concept and design adviser Mohammed al Mahrazy, also reflects our approach to energy and sustainability, as well as EDO’s values of driving forward the energy transition agenda.”
Following its establishment through Royal Decree 128/2020, the transfer of the Block 6 oil concession (Royal Decree 21/2021) and the granting of a new Block 6 gas concession (Royal Decree 43/2021), EDO has made substantial progress on its journey to become the country’s energy champion and to support the sultanate’s economic diversification.
In August 2021, EDO secured US$2.5bn of financing at competitive rates to meet the funding requirements for Block 6.
New interim appointments to the EDO team have also been announced, including Saif al Harthi as chief financial officer, Aiman al Shukaili as chief strategy and commercial officer, Kahlan al Nabhani as chief corporate planning and services officer, and Dr Qassim al Riyami as chief reserves officer.
Haifa, who has over 25 years of experience in the energy sector and is the first female CEO of a GCC national energy company, said, “These robustly qualified and experienced interim appointees will further energise EDO’s progressive journey during this transitional phase.”