Muscat: The newly-formed company Energy Development Oman (EDO) has named Haifa Al Khaifi as its first CEO.

EDO, which is a 100 per cent government-owned establishment, has been established with a clear vision to reduce the financial dependence of the oil and gas sectors on the General State Budget.

Oil and gas expenditures were estimated to hover around the RO2.3bn mark in the 2021 General State Budget. But the outlay has since been transferred to EDO’s portfolio.

Also Read: How Is EDO Expected To Reduce Oman’s Budget Deficit?

Issued by Royal Decree No. 128/2020, it was stated that the company will be formed with the purpose of transferring government stake in Concession Area 6 – which reportedly pumps out 650,000 barrels of crude each day – to EDO.

Haifa Al Khaifi is the first woman to hold the Chief Executive Officer position in the energy sector but has an established portfolio with establishments in the Sultanate and Saudi Arabia.

During her tenure at PDO, Haifa was named in the top 100 Regional Women’s List for five years in a row. She was also ranked 22nd in the Middle East’s Most Influential Women’s list in 2018.

She held the position of Finance Director at PDO and was appointed as Chair of the Board of Directors at State Street Saudi Arabia.

The establishment has also named Moutaz Al Riyami as the Chief Strategy and Commercial Officer, Ibrahim Al Eisri as Chief Financial Officer, and Ibrahim Al Waili as Corporate Planning and Services Officer.