INDUSTRY DIALOGUE: Balancing Collaborative Act—Efficient Production Growth, Less Emission with Zero Harm
Under the wise leadership of His Majesty Sultan Haitham bin Tarik (May Allah protect him), Oman and its people continue to march on the blessed path of its renewed renaissance manifested in Oman Vision 2040—towards a diversified knowledge-based economy. Oman’s energy sector is at the heart of this noble vision.
As the Omani energy sector advances its vision-enabling role, it has to continuously balance between the 12 multidimensional and interdependent priorities and objectives. In short, maximising oil and gas revenues through production growth at competitive cost with reduced emissions all the while ensuring social sustainability through local employment and in-country value.
So, how do all stakeholders in our industry—operators, service, tech companies, investment firms, firms building local talent and capabilities, regulators and government agencies go about this balancing act?
From an industry perspective, how do governments prioritise between production growth vs. budget caps and constraints? For example, between investing in future growth vs. maximising annual cashflows?
Between reducing costs and lowering emissions? For instance, accepting lower value to accommodate emission-reducing investments.
Between accelerating production growth and increase youth employment? For example, experience-driven accelerated mature asset production growth vs. increase local youth recruitment.
Between accessing global digital vs. strategic national security interests? For instance, between going on global cloud vs national data security concerns.
Additional considerations like keeping pace with local, regional, and global changes also come into play. How does this impact achieving and maintaining this delicate balance? For instance, how does fluctuating global oil prices impact our petrol subsidies at the pump and how is this balanced?
It must be added that it is precisely the interaction between conundrums and dilemmas that bring out the best of Omani innovations, as they say “necessity is the mother of invention”.
Joining us on stage are the very leaders that face these conundrums on a daily basis and it is our ultimate honour to hear their wisdom.
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