Muscat – Oman’s plans for diversifying its energy sources through decarbonisation over the coming years were explored by Talal al Awfi, Group CEO of OQ, and other members of the company’s integrated leadership team, in wide-ranging interviews they gave recently to Oxford Business Group’s online broadcasting channel, Global Platform.
Awfi noted that Oman was well placed to capitalise on its natural resources and carve a niche as a global hub for renewable energy production.
“We have certain areas of Oman that are blessed with significant solar and wind potential, and we want to capitalise on this to produce energy and use that energy to produce things such as green hydrogen,” he told OBG.
The video examines the role earmarked for alternative energy production in supporting broader efforts under way to diversify the sultanate’s economy and create new employment opportunities, in line with key goals laid out in Vision 2040, Oman’s long-term economic development framework.
Members of OQ’s integrated leadership team gave valuable insight into what Oman’s future energy mix is expected to look like, with hydrocarbons set to drive the shift towards clean and green energy sources in the transition phase.
The development of the downstream segment was also explored, with representatives highlighting the planned expansion of green industries in Oman, alongside alternative energy production, supported by revenue from oil and gas.
Other topical issues touched on included the added weight being given to environmental, social and governance (ESG) principles in energy production.
“ESG standards have always been an important subject within the energy sector, especially as it relates to the environment,” Awfi told OBG.
Other OQ interviewees noted both the steps that organisations are taking to develop their ESG strategies and the recognition that these and achievements made are gaining, leading to beneficial borrowing opportunities and other incentives.
Marc-André de Blois, OBG’s Director of PR and Video Content, said that the interviews with OQ’s Group CEO and integrated leadership team provided a fascinating snapshot of the preparations under way in Oman to transition to a new era of energy production.
“Oman’s plans to use revenues from hydrocarbons to develop alternative energy sources are gaining pace, with its natural resources and advantages standing it in good stead for large-scale renewable production,” he said.
“Our video offers a welcome overview of the strategies being implemented in the sultanate to provide a secure and sustainable energy mix in the coming years, with an eye, longer term, on meeting agreed 2050 net-zero targets.”
Dana Carmen Agarbicean, OBG’s Country Director, said indications in the interviews that initial steps were being taken towards decarbonisation, alternative energy generation and downstream expansion, would support Oman’s broader efforts to diversify its economy.
“Oman’s potential in the renewables segments has already been recognised globally, supported by its many strengths, which include expertise and knowhow built up over years in the energy sector,” she said.