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The Ministry of Finance on 6 December confirmed widely anticipated plans to set up a new holding company for the sultanate’s most valuable assets. Energy Development Oman has been set up via Royal Decree No. 128/2020; it will take over the government’s 60% stake in Block 6, which has a production capacity of 650,000 b/d and accounts for around 75% of total crude reserves. The government’s holding is currently in the hands of Petroleum Development Oman (PDO), its longstanding venture with partners led by Royal Dutch Shell.
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