MUSCAT: Petroleum Development Oman (PDO), the biggest producer of hydrocarbons in the Sultanate of Oman, continues to play a pivotal role in the nation's economic growth through its robust local content initiatives. The company’s ongoing commitment to empowering Omani talent and supporting local businesses has translated into significant socio-economic benefits for Oman.
PDO’s efforts to enhance In-Country Value (ICV) are reflected in its creation of 2,000 jobs annually across its contractor base. These jobs are critical to supporting the growth of Oman’s workforce, contributing to PDO’s broader goal of ensuring sustainable economic development.
In a post, the company has invested a substantial $420 million in value through realised opportunities that have now reached the operational stage, providing long-term economic benefits to Omanis. These initiatives have directly resulted in the creation of 3,200 jobs for Omani nationals, further bolstering local employment.
In a bid to empower small and medium enterprises (SMEs), PDO has also achieved 18% SME spending as part of its local procurement strategy. By setting aside 18 ring-fenced scopes of work specifically for local businesses, PDO has ensured that homegrown enterprises have access to opportunities that enable them to grow, innovate, and contribute to the national economy.
PDO’s emphasis on local retention of value is evident in the staggering $2.4 billion retained within Oman, reinforcing the company’s dedication to sustainable development. The company has maintained a high Omanisation rate of 91%, underscoring its long-term commitment to building local capacity across its operations.
These achievements highlight PDO’s strategic alignment with Oman Vision 2040, which focuses on economic diversification, job creation, and local empowerment. PDO’s local content efforts are not only essential to the energy sector but are also crucial in supporting the broader Omani economy through job creation, skill development, and SME empowerment.
As PDO continues to invest in its people and local businesses, the company is positioning itself as a cornerstone of Oman’s economic future, ensuring that its success translates into prosperity for the nation.
Oman Observer is now on the WhatsApp channel. Click here
