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Seminar on Market Situation, Cooperation Mechanisms and Drop in Oil Prices.

Muscat, May 24 (ONA) -----A seminar on Market Situation, Cooperation Mechanisms and Drop in Oil Prices was heldat the Ministry of Oil and Gas today with the participation of various exploration and production companies in the field of oil and gas.

Eng. Salim bin Nasser al-Oufi, Undersecretary of the Ministry of Oil and Gas, said that Omanisation is not an obstacle in the oil and gas industry and therefore we must rehabilitate cadres and plan for the future, adding that the ministry is working to encourage investment by providing more accurate information on the concession areas.

He said in his comments during the meeting without strategic action, a plan and time frame for the contribution of renewable energy in electricity generation, we will not find the required contribution, stressing the importance of participation of Omani companies in the competition to get private investment in the oil gas contracts.

Raoul Restucci, Managing Director of Petroleum Development Oman (PDO) said that a large demand for investment in the field of oil and gas in the Sultanate, where the number of foreign companies operating in the Sultanate rose to about 26 companies, explaining that the ultimate goal is not oil production, but to maximize the benefit from it and find related industries.

The discussion session with the exploration and production companies touched on the market situation, cooperation mechanismsin light of the drop in oil prices, the mechanism for dealing with the current situation, consult with those companies to reduce the cost without hurting production or employment of national manpower, the importancedown streamin finding job opportunities for Omani youth and maximize the added value of the domestic product.

--- Ends/MN/FS

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Publication:Oman News Agency
Date:May 24, 2016
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