MUSCAT: In a year marked by challenges and opportunities, bp Oman has released its annual socio-economic review for 2023, highlighting its commitment to supporting Oman's society and economy while aligning with the global push for sustainability and decarbonisation. The report showcases a range of initiatives and achievements that underscore bp Oman's pivotal role in the country's energy landscape and its efforts to empower local communities and advance towards a more sustainable future.
bp Oman's impactful contributions in 2023 are reflected in the significant investments made in various projects and programmes. With a total expenditure of $10 million at Block 77 and a total expenditure of $281 million in Oman (excluding Block 77), bp Oman's financial commitment to the country's socio-economic development is evident. Additionally, the company's total procurement spend of $327 million, with $281 million spent with Omani-registered companies, demonstrates its dedication to supporting local businesses and promoting economic growth within Oman.
The establishment of a global procurement hub in Oman in collaboration with Worley, with a total direct spend of $16.4 million on SMEs, has not only streamlined procurement operations but also increased efficiency and sustainability practices within the supply chain. The procurement hub's launch has enabled the development of a more sustainable supply chain across bp Oman's operations, while the focus on Omanisation efforts and developing local capabilities has contributed to enhancing the country's workforce and promoting economic diversity.
Furthermore, bp Oman's initiatives to empower Omani contractors through programs like the Ruwad training programme and partnerships with companies like Oceaneering Muscat have led to tangible outcomes. With 30 individuals graduating in 2023 and a target to support the company's Omanisation roadmap from 41% to 80% by 2025, bp Oman is actively investing in local talent and ensuring a skilled workforce that maximises in-country value and economic empowerment.
The socio-economic review also highlights bp Oman's impactful social investment programmes, with the company benefiting nearly 180,000 Omanis through more than 150 initiatives aimed at improving people's lives. With a total spend of $4.2 million on social investment programmes and projects like 'Mustadeem 4' providing renewable energy solutions to local farmers, BP Oman's commitment to supporting sustainable livelihoods and enhancing diversity and inclusion is evident.
Additionally, bp Oman's efforts towards achieving a lower-carbon energy future and caring for the planet are showcased through projects like green completions technology and hydrogen development initiatives. The reduction of over 77,200 tonnes of equivalent emissions in 2023 and the successful implementation of green completions technology resulting in 61,000 tonnes of CO2e avoided demonstrate bp Oman's contribution to environmental conservation and sustainable energy practices.
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