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Bank muscat seminar highlights robustness of oil and gas sector

MUSCAT, 23 October 2012 – The robustness of Oman’s oil and gas sector stemming from cutting edge technologies like enhanced oil recovery (EOR) and prudent price negotiation strategies adopted by the government was highlighted by industry experts at a seminar hosted by bank muscat today (Tuesday, 23 October).

Addressing the seminar, AbdulRazak Ali Issa, Chief Executive, said: “bank muscat is proud to host the seminar, aimed at broadening knowledge of the oil and gas sector. The seminar reiterates the bank’s focus to consolidate its leading position whereby the staff will have a thorough understanding of the sector, which serves as the lifeline of Oman’s economy.”

AbdulRazak added: “The growth of the economy and diversification to provide a wide variety of jobs across the country is essential for Oman with its young population. The creation of sufficient jobs requires the development of a vibrant and growing private sector. Although the emphasis of government is economic diversification, the underpinning foundation for this development remains the oil and gas sector. This will be the scenario for some years to come.”

Industry experts who shared their insights on the oil and gas sector included Ali bin Thabit al Battashi, who served as advisor to the Ministry of Oil and Gas; Majid Al Toky, Partner – Trowers and Hamlins and Chairman of Oman Petroleum Association Services (OPAL); Edward Rose, Partner – Trowers and Hamlins, Dr. Ali Al Gheithy, Petroleum Engineering Director at Petroleum Development Oman (PDO); and Ibtisam al Riyami, Corporate Planning Director at PDO.

Ali bin Thabit al Battashi spoke on the economies of the oil and gas sector. “Oman’s oil and gas sector is very well managed. We have world class experts in the oil and gas sector which is adding significant value to the country’s economy. In view of the demand growth, the oil price should remain robust. Oman has maximised returns from LNG and the upcoming oil and gas projects will help maintain the robustness of the sector,” Al Battashi said.

Majid Al Toky provided an overview of the oil and gas sector. Edwrad Rose spoke on legal aspects covering the network of oil and gas contracts. “Legal contracts are vital to de-risk oil and gas projects and improve the quality of such projects. Oman is an active jurisdiction in terms of investment in the oil and gas sector, governed by a Royal Decree covering all operations,” Rose said.

Dr. Ali Al Gheithy’s presentation highlighted aspects relating to oil and gas exploration and production. Ibtisam al Riyami, who spoke on PDO business planning and portfolio, pointed out that Oman is a world leader in enhanced oil recovery (EOR) techniques. “EOR is a major achievement, but Oman will need more people, skills to maintain the momentum and enhance the oil and gas sector,” Ibtisam said.