MUSCAT, APRIL 23
On the sidelines of the Oman Petroleum and Energy Show 2024 (OPES) at the Oman Convention and Exhibition Centre, Steve Phimister, the Managing Director of Petroleum Development Oman (PDO) delved into the company's transformative journey over the past three years, focusing especially on its resolve to tackle the energy trilemma of affordability, sustainability, and security.
Speaking to the Observer on the company's strategic evolution, Phimister highlighted PDO's steadfast commitment to building a sustainable and low-carbon future while maximising value for Oman.
He said, “A big part of that, and a key part, is how we satisfy the cost competitiveness requirements along with carbon competitiveness requirements, so that we can grow and sustain our oil and gas industry, which is central to the economy of Oman.” Through a comprehensive refresh of its purpose, PDO has embraced a clear strategy and operating model to deliver on its sustainability goals in alignment with Oman's 2040 Vision and the global push towards Net Zero emissions.
Phimister revealed that PDO has been actively increasing energy efficiency, reducing flaring, curbing methane emissions, investing in renewable power, optimising water management, and exploring carbon capture, utilisation, and storage technologies. “And all of that comes together in an ecosystem that has to be integrated end-to-end,” he added.
These initiatives are part of a cohesive ecosystem that integrates various elements across the energy value chain to address the complex challenges posed by the energy trilemma.
As a key player in Oman's energy landscape, PDO recognises the importance of collaboration and partnership in driving sustainable change. Phimister emphasised the company's collaborative efforts with the Ministry of Energy and Minerals and other industry stakeholders to collectively work towards solving the energy trilemma.
“And we play our part, because we're one player, we're one part of Oman, and one part of the solution. We’re working together with the Ministry of Energy and Minerals and all the other companies in partnership, in operatorship, and the supply chain to work together to solve the energy trilemma,” Phimister added.
Expressing optimism and enthusiasm for the journey ahead, Phimister underscored the transformative potential of collaborative action and innovation in shaping a more sustainable and resilient energy future for Oman. The collective spirit and shared commitment of all stakeholders at OPES 2024 exemplify a unified approach towards balancing energy affordability, sustainability, and security for the benefit of the nation.
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