News
Energy Development Oman Founded To Further Bolster Oil And Gas Sector

Muscat: The Ministry of Finance today said that Royal Decree No. 128/2020 provides for the foundation of Energy Development Oman (EDO) Company with the purpose of transferring government stake in Concession Area 6 to EDO.
The Ministry explained that EDO is a 100 per cent government-owned firm established to achieve a set of government objectives through the implementation of global standards in the management of assets and resources of the State in the oil and gas sector.
The new company will receive oil and gas revenues to settle annual capital and operational costs of production.
It will also develop and expand the sector and pump more investments to bolster financial and economic returns of the state, thereby keeping PDO oil and gas expenses out of the general budget, which will enable the company to enjoy financial independence.
In this way, EDO can fund its own economically feasible development projects and reflect the actual value of this sector, which will have a positive effect on indicators of financial performance. It will also reflect positively on PDO, allowing it to carry out investment projects without dependence on the State Budget.
EDO is expected to upgrade the performance of management of the oil and gas sector, support government plans on cost-cutting and increasing economic activity, as well as the in-country added value of petroleum activities.
-
OER Magazines2 months ago
OER, February 25
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, February 2025
-
Economy1 month ago
Is Gold a Good Investment in 2025? A Deep Dive into the Precious Metal’s Future
-
Banking & Finance2 months ago
Sohar International Appoints Abdul Wahid Mohamed Al Murshidi as Chief Executive Officer
-
Energy2 months ago
Oman Gets Its First Hydrogen Refueling Station
-
News2 months ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat
-
News2 months ago
Oman Explores Semiconductor & EV Investments with EONH Private Holdings & Jetour Global
-
News1 month ago
Nothing Phone 3a and 3a Pro launches in the Middle East